Exciting News: Solana ETFs on the Way? Seven Asset Managers Update S-1 Filings with SEC

Recent developments suggest that the approval of spot Solana ETFs may be on the horizon, as seven prominent asset managers have submitted amended registration statements to the U.S. Securities and Exchange Commission (SEC). This article explores the implications of these filings and what they mean for the future of Solana ETFs.

Key Takeaways

Seven asset managers, including Bitwise and Fidelity, have amended their S-1 filings for spot Solana ETFs with the SEC.
The S-1 document outlines essential details about the proposed funds, including structure and risk factors.
Amendments reflect communication between issuers and the SEC, indicating progress toward approval.
A separate filing called the 19b-4 is also required for ETF listings, and some managers have already made those submissions.
Regulatory responses are expected within two to four weeks, with final Solana ETF decisions possibly coming by late August or September.

Main Content

A group of at least seven asset managers has recently submitted amended registration statements to the U.S. Securities and Exchange Commission (SEC) for their proposed spot Solana ETFs, signaling that potential approval is becoming more likely.

As of August 1, firms such as Bitwise, Canary Capital, Fidelity, CoinShares, Grayscale, Franklin Templeton, and VanEck have updated their S-1 registration statements. For those who may not be familiar, an S-1 is a critical document that companies file with the SEC to register new securities for public offering. In the context of spot Solana ETFs, these filings act as formal proposals to launch funds that would provide direct exposure to SOL, the native token of the Solana blockchain.

These registration statements contain vital information including the fund's structure, objectives, associated fees, custody arrangements, and risks involved.

Revisions to the S-1 typically reflect feedback from the SEC or modifications made by the issuers themselves. Changes may include clarifications on the creation and redemption processes, disclosures regarding the potential staking of SOL, or adjustments to custodial arrangements.

Although the most recent amendments were not substantial, market analyst Nate Geraci noted that they suggest ongoing dialogue between issuers and the SEC to refine key language and structural elements of the prospectus. He commented, "Gotta think fees in the neighborhood of BTC and ETH ETFs," indicating that fee structures will likely be comparable.

Once issuers have filed or amended their S-1s, the SEC undertakes a review of the documents and provides feedback. Issuers must then respond, which may involve submitting further updates. This process continues until the SEC finds the proposal acceptable.

To successfully launch a spot ETF, both the S-1 and a separate 19b-4 filing—proposing a rule change to list the ETF on a national exchange—must receive approval. Some issuers have already submitted their 19b-4s, while others are expected to follow suit soon.

In a recent turn of events, unnamed sources stated that the SEC requested issuers to revise their filings to address issues such as in-kind redemptions and staking arrangements. The SEC is also reviewing how issuers intend to manage in-kind redemptions and incorporate staking into the ETF's structure.

On July 30, the SEC approved in-kind creation and redemption for all spot Bitcoin and Ethereum ETFs, adding credibility to claims that a Solana ETF's approval may not be far behind. If approved, Solana ETFs are likely to include in-kind redemption structures from the start.

Regarding timelines, the SEC usually responds to amended S-1 filings within two to four weeks. Given the procedural nature of the latest updates and indications of active discussions, a final decision on the first Solana ETF approvals could be made by late August or September, well ahead of the October deadline.

Currently, bettors on Polymarket appear optimistic, nearly certain that Solana ETFs will receive the green light by the end of 2025.