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- Seven companies, including Grayscale and Fidelity, have submitted updated S-1s with spot Solana ETFs.
- Grayscale intends to impose a 2.5% fee in SOL, and CoinShares offered a staking ETF, which would generate rewards from the Solana blockchain.
At least seven asset managers, including Bitwise, Fidelity, Grayscale, Franklin Templeton, CoinShares, Canary Capital, and VanEck, have filed amended S-1 registration statements for spot Solana ETFs.
The amendments, filed by August 1, indicate increasing coordination between issuers and the U.S. Securities and Exchange Commission (SEC).
S-1 amendments now rolling in on spot solana ETFs…
Grayscale, VanEck, & 21Shares so far. pic.twitter.com/vKpM9eLsAv
— Nate Geraci (@NateGeraci) July 31, 2025
The fee structure highlighted in the filing of Grayscale was exceptional. The company plans to impose a management fee of 2.5% that will be in SOL, rather than fiat currency. The strategy supports Grayscale in a crypto-native strategy in general and stands out in an expandable pool of ETF applications.
CoinShares has taken a different route by proposing a Solana Staking ETF. The product would not only track the price of SOL but also stake the tokens, so investors could receive staking rewards. This approach brings forth a cryptocurrency revenue stream that marries asset gains with on-chain profit.
Amended Filings Reflect Regulatory Dialogue
An S-1 filing indicates a proposal to list a security to trade publicly. Amendments are frequently issued in response to SEC comments or internal revisions, and may include material amendments to fund structure, redemption provisions, or staking procedures.
Recent amendments are said not to have made critical amendments, though they suggested an element of traffic between issuers and regulators. Market analyst Nate Geraci characterized the changes mainly as clarifications of prospectus language.
A spot Solana ETF would need both a spot S-1 and a 19b-4 rule change approved. Some issuers have filed their 19b-4s, while others are expected to submit them soon.
Not really… but clearly dialogue w/ SEC and issuers are refining prospectus language.
Gotta think fees in neighborhood of btc & eth ETFs.
— Nate Geraci (@NateGeraci) July 31, 2025
Recent SEC approval of in-kind redemption on all spot Bitcoin and Ethereum ETFs adds credence to the hope that Solana ETFs could evolve similarly. In the event that it is adopted, in-kind structures will permit the exchange of fund shares, rather than cash, thus being more efficient and reducing exposure to capital gains for investors.
According to insiders, the SEC has recently requested issuers to revise their filings to include in-kind processes and how staking can be implemented.
Will Solana ETF Approval Arrive by Fall?
Although the SEC does not work on fixed timelines, historical cases have shown that responses to an amended filing may be received within two to four weeks. With multiple issuers making adjustments to documents in late July and early August, a ruling possibility is just before the end of August or in September, and several months before the October deadline.
Polymarket bettors are now placing significant odds on approval before the end of the year, but an SEC vote pushed that date up.
Washington has also provided momentum. This week, SEC Chair Paul Atkins announced Project Crypto, which is an effort to update the outdated regulations of digital assets.
The proposal also has streamlined licensing and early-stage firm exemptions. Notably, Atkins has written that most crypto assets are not securities, which is a significant shift in regulatory language.
Solana (SOL) has also suffered recent price pressure despite the optimism in the regulatory environment. As of price time, it was trading at $170.10, down 6% on the day and 5% over the past week. Nonetheless, it is up 14.1% in the past month, ranging between $121 and $204.
