Asset Managers Revise Solana ETF Filings After SEC Requests

Several asset managers have submitted updated S-1 filings for proposed spot Solana (SOL) exchange-traded funds (ETFs). This move follows reports that the U.S. Securities and Exchange Commission (SEC) recently reached out to potential issuers, requesting amendments to their submissions. The updated filings mark the latest development in ongoing efforts to secure approval from the SEC for funds tracking Solana.

Major firms including VanEck, Galaxy Digital, Franklin Templeton, and Grayscale have filed revised S-1 registration statements for their respective spot Solana ETF proposals. Grayscale disclosed a 2.5% sponsor fee for its planned product. Fidelity also filed its initial S-1 registration for a Solana fund, marking its first formal step toward listing a Solana-based ETF. The updated filings follow a reported request from the SEC earlier in the week, instructing issuers to revise language in their documents. The changes primarily involved clarifications on in-kind redemptions and how staking would be handled within the fund structure.

VanEck’s amended filing included a provision for staking Solana, which would allow the fund to earn yield. Other issuers may follow as lobbying continues to push for staking-inclusive ETFs. These updates reflect growing interest among firms to align their products with SEC expectations as regulatory discussions evolve.

According to Bloomberg ETF analyst Eric Balchunas, the SEC’s communication may indicate growing readiness to consider Solana ETF applications. He projected that approved products could potentially launch within two to four months. This timeline depends on whether the revised filings meet the SEC’s criteria for listing. The SEC has already approved spot Bitcoin and Ethereum ETFs but has shown caution toward other tokens. Pending applications for Avalanche, Hedera, and Dogecoin ETFs remain under review, with the SEC delaying decisions and asking for public feedback.

Solana’s case is viewed differently by some due to the listing of SOL futures on CME. While not a requirement for ETF approval, the futures listing is generally viewed as beneficial in the regulatory process. VanEck and 21Shares have also urged the SEC to follow the traditional first-to-file approach. Under this process, the first firm to file a complete application would receive approval before others. This approach has been used in previous ETF rollouts, including Bitcoin-based funds. With multiple issuers actively responding to SEC requests, the Solana ETF review process appears to be entering a more advanced stage.