Solana ETF Race Heats Up: Multiple Firms Resubmit Revised Filings to SEC

Several asset managers, including Canary Capital, Franklin Templeton, VanEck, Fidelity, Grayscale, CoinShares, and Bitwise, have resubmitted revised filings with the SEC for a Solana ETF. The filings provide granular details about staking strategies, fee regimes, and redemption mechanisms, indicating the SEC is working with several firms concurrently. Marinade Select is designated as the exclusive staking provider for Canary Capital's proposed Solana ETF, with a two-year staking commitment and auto-compounded rewards. Custody arrangements and transparency measures have also been outlined in the revised filings.

Several prominent asset managers, including Canary Capital, Franklin Templeton, VanEck, Fidelity, Grayscale, CoinShares, and Bitwise, have resubmitted revised filings with the Securities and Exchange Commission (SEC) for a Solana exchange-traded fund (ETF). These filings provide detailed insights into staking strategies, fee regimes, and redemption mechanisms, indicating the ongoing dialogue between the SEC and these firms [1].

Among the notable changes, Canary Capital's filing designates Marinade Select as the exclusive staking provider for its proposed Solana ETF. The staking commitment spans two years, with rewards auto-compounded to boost the ETF's net asset value. This introduces a yield factor, potentially making the ETF more appealing to investors compared to purely passive crypto offerings [1].

The revised filings also include specific details on custody arrangements. Assets will be divided between hot and cold wallets, with the custodian exclusively holding private keys. Investors will not handle the tokens directly, but the filings warn about potential risks such as hacks or system failures. Transparency measures have been outlined, with the ETF's website to disclose daily information such as net asset value, full holdings, and whether shares are trading at a premium or discount [1].

The increased number of submissions underscores Solana's growing institutional interest. The blockchain is now seen as a legitimate financial product beyond its initial retailer-driven token status. The SEC's response to these filings will not only impact Solana but could also shape the future of crypto ETFs in the U.S. [1].

The race to launch the first U.S. Solana ETF has intensified, with several firms vying for approval. The filings suggest a trend of cooperation with regulators rather than confrontation, as issuers aim to conform to SEC-led standards by revising and providing clarity. This signals a broader trend for asset managers to embrace regulatory compliance [1].

The latest developments indicate clear advances in the ETF approval process. The SEC's response, expected by October 16, 2025, could unlock significant institutional capital, potentially ranging from $3 to $6 billion [2]. The REX-Osprey SSK ETF has already attracted $164 million in inflows since July 2025, signaling early demand [2].

The increasing institutional adoption of Solana, driven by high-yield staking rewards and technical scalability, positions the blockchain as a high-yield alternative to Ethereum. The convergence of corporate treasury adoption, ETF momentum, and technical upgrades suggests that Solana could reach a $300 price target within the next year [2].

References:
[1] https://www.cryptopolitan.com/solana-etf-rirms-resubmit-filings-with-sec/
[2] https://www.bitget.site/news/detail/12560604940212