CoinShares Files for Spot Solana ETF, Joins Fidelity and VanEck in Push for SEC Approval
CoinShares has officially entered the race to launch the first U.S.-listed spot Solana ETF, filing a Form S-1 registration statement with the Securities and Exchange Commission (SEC). The proposed fund, named the CoinShares Solana ETF, would allow investors to gain direct exposure to SOL, Solana’s native cryptocurrency, without needing to hold the asset themselves.
CoinShares becomes the eighth issuer to seek regulatory approval for a spot Solana ETF, joining a growing list that includes financial giants like VanEck, Fidelity, Franklin Templeton, and Grayscale. The SEC filings reveal that Coinbase Custody and BitGo Trust will serve as custodians for the CoinShares product.
In a notable move, CoinShares also plans to stake a portion of the fund’s SOL holdings to generate additional yield. According to the filing, the amount to be staked will be set prior to the ETF’s launch, and staking rewards earned through third-party providers will be returned to the fund. The filing did not specify which staking provider will be used initially.
This wave of applications follows increasing optimism that the SEC could soon approve spot ETFs tied to Solana, the sixth-largest cryptocurrency by market cap. Last week, several applicants—among them VanEck and Franklin Templeton—amended their filings at the SEC’s request to include more details about staking and redemption processes.
Bloomberg ETF analyst Eric Balchunas estimates that the SEC could issue decisions on the Solana ETF applications within two to four months. He also noted that Solana and Litecoin currently have the highest likelihood of gaining approval among newer crypto ETF proposals.
Get ready for a potential Alt Coin ETF Summer with Solana likely leading the way (as well as some basket products) via @JSeyff note this morning which includes fresh odds for all the spot ETFs. pic.twitter.com/UMzih4oou7
— Eric Balchunas (@EricBalchunas) June 10, 2025
The SEC's stance on digital assets has gradually shifted following the approvals of spot Bitcoin and Ether ETFs earlier this year. Since then, firms have filed to launch funds tied to other tokens like XRP, Cardano, and Dogecoin. Applicants are also urging the SEC to honor its historical “first-to-file” approach, which could influence which issuer gets to launch their product first.