TLDR
- CoinShares has filed a Form S-1 with the SEC to launch a spot Solana ETF in the United States.
- The proposed ETF aims to track the price of SOL and will include staking as part of its strategy.
- Coinbase Custody and BitGo Trust will serve as custodians for the CoinShares Solana ETF.
- CoinShares has not yet named the staking provider but confirmed staking rewards will go to the trust.
- CoinShares joins VanEck, Fidelity, Grayscale and other firms in seeking approval for a spot Solana ETF.
CoinShares has submitted a Form S-1 with the U.S. Securities and Exchange Commission to list a spot Solana ETF. The proposed CoinShares Solana ETF seeks to offer direct price exposure to SOL, the sixth-largest cryptocurrency by market cap. The filing includes plans for staking rewards and lists Coinbase Custody and BitGo Trust as custodians.
CoinShares Seeks Approval for Spot Solana ETF
CoinShares has become the eighth company to apply for a spot Solana ETF by filing an S-1 registration with the SEC. The CoinShares Solana ETF aims to track SOL’s market price while also engaging in staking for additional yield. CoinShares disclosed that staking would be done through one or more third-party providers.
Although the initial staking partner remains unnamed, CoinShares confirmed that the staking portion would be fixed before the fund’s start date. The staking rewards, once earned, would belong to the trust and may enhance its returns. CoinShares emphasized that staking would follow strict security protocols using trusted providers.
The filing signals CoinShares’ growing involvement in expanding its crypto ETF offerings in the U.S. CoinShares already manages several digital asset products across Europe and now seeks a foothold in the U.S. market. This move aligns with CoinShares’ broader strategy to lead institutional-grade access to digital assets.
VanEck and Franklin Templeton Advance with Amended Filings
VanEck and Franklin Templeton recently submitted amended S-1 filings at the SEC’s request, updating information on redemptions and staking. Their revised documents address technical aspects that the SEC may consider in future approvals. These updates include in-kind redemption structures and detailed staking disclosures.
The SEC has not announced a review timeline, but recent feedback suggests active engagement with issuers. VanEck’s amendment indicates responsiveness to regulatory guidelines as firms adapt to meet evolving requirements. This momentum supports expectations for a decision in the coming months.
VanEck remains a frontrunner in the Solana ETF race due to its early filing and compliance readiness. CoinShares now joins that competition, aiming to establish itself among first-movers. The submission timing could play a significant role, as the SEC often prioritizes based on filing order.
Fidelity and Grayscale Compete in Expanding ETF Landscape
Fidelity Investments, along with Grayscale, Bitwise, and 21Shares, has submitted filings for spot Solana ETFs. These filings reflect a broader interest in regulated crypto exposure beyond Bitcoin and Ether. Solana’s growing adoption and performance metrics drive institutional demand.
Grayscale’s application highlights a strategy to convert existing trust products into ETFs. Fidelity’s approach focuses on leveraging its established infrastructure and experience with digital asset custody. Each firm targets a similar outcome but uses different operational models and strategies.
CoinShares’s entry alongside these established players boosts competition and signals rising confidence in SOL as an ETF candidate. With staking and custodian details in place, CoinShares positions itself as a serious contender.
