CoinShares Files for Solana ETF on Nasdaq Amid Growing Institutional Interest

CoinShares, a prominent European digital asset manager, has submitted a filing with the US Securities and Exchange Commission to launch a spot Solana (SOL) exchange-traded fund (ETF). This move marks the eighth firm to enter the race for Solana ETF approval, following a series of filings and amendments by other major asset managers. The filing, submitted on June 13, outlines plans to list the CoinShares Solana ETF on Nasdaq, offering investors direct exposure to SOL by tracking the CME CF Solana–Dollar Reference Rate. Coinbase Custody Trust and BitGo will act as custodians, storing the assets offline in cold storage, with a portion of the holdings potentially staked through selected providers to earn rewards.

This development comes as a wave of asset managers, including Fidelity, 21Shares, Franklin Templeton, Grayscale, Bitwise, and Canary Capital, have also filed or amended Solana ETF applications. VanEck, which was the first to propose a Solana ETF earlier this year, has also submitted an updated filing. The surge in interest in Solana ETFs reflects the growing appetite for diversified crypto investment products in regulated markets. However, regulatory approval remains uncertain, as the SEC has requested issuers to clarify how they will handle in-kind redemptions, a key operational component for crypto ETFs. The agency is reportedly open to allowing staking features in these products but has yet to signal any timeline for a decision.

Analysts have offered cautious projections regarding the approval of Solana ETFs. In February, an ETF analyst estimated a 70% chance of approval, though delays are expected. Another senior ETF analyst suggested that any early approvals would likely not arrive before late June or early July, with a more probable window falling in early Q4 of 2025. Solana, often described as a faster and cheaper alternative to Ethereum, has gained significant traction among both developers and institutional investors. However, its volatility, regulatory uncertainty, and security challenges continue to weigh on its path to mainstream adoption.

CoinShares’ bid, while not guaranteed to succeed, mirrors the growing appetite for diversified crypto investment products in regulated markets. As the SEC reviews this latest round of filings, issuers and investors alike are watching closely for signals on how the regulator plans to handle the next generation of digital asset ETFs. The move by CoinShares and other asset managers highlights the increasing institutional interest in Solana and the broader crypto market, despite the regulatory hurdles that lie ahead.