ETF issuer 21Shares has submitted an updated S-1 filing for its proposed Solana exchange-traded fund (ETF), adding new details on the fund’s structure as U.S. regulators prepare to decide on a wave of crypto products next month.
The amendment clarifies how the Solana ETF would handle staking and in-kind redemptions, two areas that have been closely scrutinized by the Securities and Exchange Commission (SEC). These updates aim to address potential regulatory concerns and bring the proposal in line with expectations set by recent SEC guidance.
21Shares is not alone in making adjustments. Over the past week, major asset managers including Franklin, Fidelity, CoinShares, Bitwise, Grayscale, VanEck, and Canary have all filed similar amendments. Currently, about nine Solana ETF applications remain under review, with issuers racing to fine-tune their submissions ahead of looming deadlines.
October: A Defining Month for Crypto ETFs
The SEC is set to issue decisions throughout October on several altcoin-based ETF proposals, not only for Solana but also for XRP, Litecoin, and Cardano. The commission has recently dropped its routine delay notices, clearing the way for final rulings. Combined with the SEC’s approval of updated listing standards earlier this month, optimism is building that one or more altcoin ETFs could win approval.
Market sentiment has responded in kind. Solana’s price climbed nearly 4% in the past 24 hours, reaching about $207 at the time of writing, as traders bet on the potential launch of new ETFs.
Outlook
While final approval is not guaranteed, the wave of updated filings highlights a coordinated effort among issuers to align with regulators. With the SEC set to make key decisions in October, the crypto industry is watching closely to see whether Solana and other altcoin ETFs will finally break through to U.S. markets.
