Financial titans are planning to debut Solana's initial Exchange-Traded Fund (ETF) within the American market.
As of late July 2025, the U.S. Securities and Exchange Commission (SEC) is actively reviewing multiple applications for spot Solana (SOL) ETFs. A key deadline of October 10, 2025, has been set for final decisions, indicating a potentially expedited approval process compared to past crypto ETF reviews.
Several notable financial firms have submitted Solana spot ETF proposals to the SEC. 21Shares, VanEck, Bitwise, Canary Capital, Grayscale, and Invesco Galaxy are among the contenders, each vying to launch the first spot ETF of Solana in the U.S.
21Shares has recently submitted a revised S-1 filing, refining its application to better meet SEC regulatory expectations. VanEck, Bitwise, and Canary Capital have also filed spot Solana ETF proposals alongside 21Shares. Grayscale’s Solana Trust ETF is also under review, with the SEC postponing a final decision to the October 10 deadline. Invesco Galaxy has entered the competition, submitting a competing Solana ETF application, turning the review into a high-profile contest.
The SEC has previously approved some staking-enabled crypto ETFs, fueling speculation that it may now be more open to spot Solana ETFs that combine asset holding with staking income. However, the regulator remains cautious due to concerns around market surveillance, price manipulation, and investor protection.
The approval of these ETFs could significantly increase liquidity for the Solana market and provide secure and regulated access for investors. The ETF allows investors to access rewards from Solana's transaction validation without technical knowledge, raising over $12 million in its debut.
The race for the first Solana spot ETF reinforces that crypto innovation is no longer on the fringe of Wall Street and is here to stay. Solana processes thousands of transactions per second with minimal fees and high scalability, making it attractive to investors. Various managers anticipate Solana will be a structural part of future portfolios, especially those focused on technological innovation and diversified performance.
The potential approval of Solana's spot ETFs could transition Solana from a tech bet to a core asset of traditional portfolios. This wave of filings by respected asset managers signals strong institutional interest in regulated Solana investment products. If approved, Solana could join Bitcoin and Ethereum as approved spot crypto ETFs in the U.S., marking a significant step towards true crypto democratization.
The SEC, led by Paul Atkins, seems more open to considering digital assets beyond Bitcoin and Ethereum as viable candidates for listed products. The approval of spot ETFs for Bitcoin and Ethereum in 2024 is seen as a positive sign for the future of Solana's ETFs. Trump has issued a favorable stance towards cryptocurrencies, committing to make the United States the "crypto capital of the world." Bloomberg experts predict that this summer could mark the start of an approval wave for Solana and XRP ETFs.
In summary, the current status is that the SEC is reviewing a surge of updated and competing spot Solana ETF applications from firms including 21Shares, VanEck, Bitwise, Canary Capital, Grayscale, and Invesco Galaxy, with a decision expected by October 10, 2025. The potential approval of these ETFs could mark a significant milestone for Solana and the broader crypto industry.
[1] CoinDesk. (2025). SEC extends deadline for Solana ETF proposals. Retrieved from https://www.coindesk.com/business/2025/07/21/sec-extends-deadline-for-solana-etf-proposals/
[2] The Block. (2025). Multiple firms file Solana ETF proposals with the SEC. Retrieved from https://www.theblockcrypto.com/linked/116220/multiple-firms-file-solana-etf-proposals-with-the-sec
[3] Yahoo Finance. (2025). SEC pushes Grayscale to amend Solana Trust ETF application. Retrieved from https://finance.yahoo.com/news/sec-pushes-grayscale-amend-solana-trust-etf-application-142700161.html
[4] Forbes. (2025). Invesco Galaxy enters Solana ETF race, turning SEC review into high-stakes contest. Retrieved from https://www.forbes.com/sites/jasonbrett/2025/08/02/invesco-galaxy-enters-solana-etf-race-turning-sec-review-into-high-stakes-contest/?sh=6a9a843e7d8a
The financial firms 21Shares, VanEck, Bitwise, Canary Capital, Grayscale, and Invesco Galaxy are investing in technology by submitting proposals for Solana spot ETFs, aiming to combine asset holding with staking income in the finance sector. The SEC is reviewing these applications, with a potential approval that could transition Solana from a tech bet to a core asset of traditional portfolios, increasing liquidity for the Solana market and providing secure and regulated access for investors.
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