CoinShares submitted an S-1 filing with the Securities and Exchange Commission on June 13 to launch a spot Solana exchange-traded fund, becoming the eighth firm to apply for such a product as institutional interest in the cryptocurrency grows.
The filing comes as Solana’s price has rebounded to $150, buoyed by speculation around potential ETF approvals. Eric Balchunas highlighted the development in a social media post on X.
The application signals a notable shift in SEC engagement with Solana ETF proposals. Recent amendments from investment firms including VanEck and Franklin Templeton suggest increased regulatory dialogue, according to a Reuters report published June 14.
The SEC has begun making active queries to applicants, potentially moving up approval timelines from late 2025 to earlier dates, despite previous regulatory caution regarding Solana’s classification as a security.
Prediction market Polymarket shows a 39% probability of approval by July 31, reflecting growing market optimism around the proposals.
CoinShares’ filing incorporates staking mechanisms and names custodians including Coinbase and BitGo. The structure would tap into Solana’s staking yields, which blockchain analytics firm Messari reported at 6-8% annually in 2024, potentially enhancing the ETF’s appeal to institutional investors.
The wave of applications represents a significant development for Solana, which has faced regulatory uncertainty but maintains strong technical performance and developer adoption.
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