CoinShares Files Spot Solana ETF Amid 90% Approval Odds

CoinShares has officially filed for a spot Solana ETF in the U.S., marking its entry into the competitive landscape of firms seeking regulatory approval for such financial products. This move comes as part of a broader trend where several major asset managers have updated their filings in response to feedback from the SEC, indicating a heightened level of institutional interest and optimism surrounding the approval prospects for Solana-based ETFs.

The filing by CoinShares, as indicated in SEC records, includes a registration statement for the “CoinShares Solana ETF.” This development underscores the growing competition among asset managers to gain exposure to Solana in regulated markets. CoinShares joins at least eight other active Solana ETF applicants, reflecting a surge in interest from institutional managers who are drawn to Solana’s speed, cost-efficiency, and staking compatibility.

In a coordinated effort, six major firms—including VanEck, Grayscale, Fidelity, Franklin Templeton, Bitwise, and Canary—submitted amended S-1 forms last week. These updates address SEC concerns over in-kind redemptions and staking mechanisms, which are crucial for ETF structuring. The revisions suggest that issuers are aligning with regulatory expectations to expedite the approval process. According to analysts, there is a 90% chance of approval, with a decision expected between July 2 and July 23. This projection has accelerated anticipation across both institutional and retail circles, signaling potential market entry within the summer quarter.

Solana’s network capabilities, including faster transaction speeds and lower costs compared to Ethereum, are attracting significant institutional interest. The network’s ability to support in-kind transactions and staking rewards makes it technically suitable for ETF operations. This has led to increased confidence in Solana’s infrastructure, as evidenced by the wave of ETF filings. The recent amendments also indicate the SEC’s willingness to engage with Solana-based products, unlike earlier delays faced by other digital asset proposals.

Following the news of CoinShares’ filing, the native token of the Solana network, SOL, saw a positive market reaction. The token’s price increased by over 5%, signaling strong market anticipation ahead of a potential summer approval window. This price movement reflects the growing interest and speculation surrounding the regulatory decisions on Solana ETFs.