Major asset management firms, including Grayscale, Fidelity, Bitwise, VanEck, Franklin Templeton, CoinShares, and Canary Capital, have filed amended S-1 documents with the U.S. Securities and Exchange Commission (SEC) for spot Solana exchange-traded funds (ETFs) that include staking features. ETF analyst Nate Geraci of NovaDius Wealth Management predicts approval could come within the next two weeks, citing streamlined regulatory processes that have shifted from case-by-case approvals to standardized frameworks.
The key innovation in these filings is the inclusion of staking functionality, allowing ETFs to generate additional yield by participating in Solana's proof-of-stake consensus mechanism. Funds would stake their SOL holdings, earning rewards in cash or SOL tokens, which are treated as fund income to enhance net asset value. This development follows strong market interest: Bitwise's European Solana staking ETP attracted $60 million in inflows over five trading days, while the U.S.-based REX-Osprey Solana Staking ETF launched two months ago with $12 million in day-one inflows and has since surpassed $250 million in assets under management.
Bloomberg analyst James Seyffart noted the coordinated nature of the filings, suggesting potential regulatory alignment. The SEC's recent approval of generic listing standards for crypto ETFs could accelerate future launches. Geraci also highlighted that the staking provisions bode well for pending Ethereum ETF applications, potentially reshaping the market for other proof-of-stake assets. Pantera Capital analysts have described SOL as "next in line for its institutional moment" due to current under-allocation compared to Bitcoin and Ethereum.