- CoinShares registered its spot Solana ETF Trust in Delaware on June 10.
- The SEC asked fund providers for updated S-1 filings.
- Eric Balchunas put approval odds at 90% within 2–4 months.
The fight for a US listing Solana (SOL) exchange-traded fund heated up this week. CoinShares found itself in the limelight on June 10 after filing its own spot Solana ETF Trust in Delaware. The filing represents the company’s attempt to launch a regulated fund directly tied to SOL. The filing comes as there is growing momentum for a spot Solana product in the US.
The US Securities and Exchange Commission (SEC) is now asking issuers to submit updated S-1 documents. The move highlights a key step forward in the approval process. Market experts say this shows regulators are willing to consider more crypto products. Furthermore, the filing underscores the growing institutional interest in the digital asset.
SEC Presses Solana ETF Filers on Staking Rewards
Notably, the SEC has demanded updated S-1 documents from numerous fund providers. CoinShares is not alone in this process. Firms such as Grayscale, VanEck, Fidelity, Bitwise, and 21Shares are also trying to launch their own spot Solana ETFs. The regulators want more details on how these funds will operate. Importantly, this includes a clear explanation of how the fund will handle staking rewards.
The proof-of-stake algorithm for Solana makes it different from Bitcoin and Ethereum. The SEC is asking fund providers to clarify whether these rewards will flow back to investors and how this will affect fund operations. Furthermore, these requests reflect a key consideration for regulators in approving a spot SOL fund.
Spot Solana ETF Hopes Rise as Approval Odds Hit 90%
Some industry analysts say approval for a spot Solana fund could come soon. Eric Balchunas, a senior ETF expert at Bloomberg, put the odds at about 90%. He explained the regulators’ view has shifted in 2024 after approving spot Bitcoin and Ethereum products. Furthermore, the filing by CoinShares highlights growing market confidence in an eventual approval.
Market participants say this process could take two to four months from submission. The news has already affected SOL’s price. The token jumped nearly 5 % after the filing and traded between $156.84 and $167.24 in the last 24 hours. Furthermore, trading volume rose by over 40%. Nevertheless, the main focus now lies on whether regulators approve these funds in the coming months.
