Seven asset managers revised their applications to launch Solana-based exchange-traded funds (ETFs), submitting amended filings to the US Securities and Exchange Commission (SEC) on June 13.
Bloomberg ETF analyst James Seyffart reported that the firms include Fidelity, Franklin Templeton, 21Shares, Grayscale, Bitwise, VanEck, and Canary.
Solana ETF Filings Include Staking Language
According to the analyst, the firms’ filings build upon recent developments and mark a shift in tone between the regulator and ETF issuers.
The amended filings specifically address concerns raised by the Commission, including the use of in-kind redemptions and the role of staking in fund operations.
Meanwhile, one of the most notable changes is the inclusion of language around staking Solana tokens.
Solana ETF With Staking Language. Source: X/Nate Geraci
While previously a gray area, recent SEC statements clarified that staking does not automatically make a product a securities offering.
This interpretation appears to have given ETF hopefuls room to consider staking as part of their fund strategy to offer additional yield to investors.
“[The SEC] could theoretically approve the Solana ETFs to launch with staking at same time they approve staking in ETH etfs,” Seyffart stated.
Despite this level of progress, the chances of an imminent approval remain slim.
Seyffart highlighted parallels to the drawn-out process for spot Bitcoin ETFs and believes further correspondence will likely follow before any green light is given.
“I think there needs to be a back and forth with SEC and issuers to iron out details so I doubt it. If anyone remembers the Bitcoin ETF launch there were A LOT of filings over the preceding couple months before launch,” he added.
BlackRock Sits Out—For Now
Despite the surge in Solana ETF activity, BlackRock, the world’s largest asset manager, has yet to join the fray.
Seyffart noted that while BlackRock hasn’t filed for a Solana ETF, it wouldn’t be surprising if they eventually do. However, they appear to be sitting out the initial wave for now.
BlackRock’s crypto ETF footprint is already dominant. Its iShares Bitcoin Trust (IBIT) recently completed a 31-day inflow streak and now ranks among the top 25 ETFs by assets under management in the US—a feat described by many as historic.
They haven’t yet. But I would not be surprised if they were to eventually do that. But right now it doesn’t seem like they will be in the first wave (whenever these launch)— James Seyffart (@JSeyff) June 13, 2025
According to SoSoValue data, the firm’s Ethereum ETF has also captured a significant market share, with cumulative net inflows of more than $5 billion.
Given this context, Nate Geraci, president of The ETF Store, believes a Solana filing from BlackRock is inevitable.
“I still fully expect BlackRock to file for spot Solana and XRP ETFs. As the leader in spot BTC and ETH ETFs, it would make zero sense to cede other top crypto asset ETF categories to competitors,” Geraci stated.
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