At least seven asset managers have filed amended registration statements for their proposed spot Solana ETFs with the U.S. Securities and Exchange Commission as potential approval draws closer.
As of August 1, firms including Bitwise, Canary Capital, Fidelity, CoinShares, Grayscale, Franklin Templeton, and VanEck have submitted updates to their S-1 registration statements.
For those unaware, an S-1 is a document filed with the SEC that companies use to register new securities for public offering. In the case of spot Solana ETFs, these filings serve as the formal proposal to launch a new fund that would offer direct exposure to SOL, the native token of the Solana blockchain.
These registration statements outline crucial information such as the fund’s structure, objectives, fees, custodianship, and risk factors.
Amending the S-1 typically reflects feedback from the SEC or internal adjustments by the issuer. The changes might include clarifications on creation and redemption procedures, disclosures about potential staking of SOL, or updates to custodian arrangements.
While the recent amendments were not substantial in content, according to market analyst Nate Geraci, they indicate that both issuers and regulators are working toward consensus on key language and structural details.
Once issuers file or amend their S-1s, the SEC reviews the documents and provides comments. Issuers must then respond and potentially submit further updates. The process continues until the SEC deems the proposal satisfactory.
For a spot ETF to launch, both the S-1 and a separate 19b-4 filing — proposing a rule change to list the ETF on a national exchange — must be approved. Some issuers have already filed their 19b-4s, while others are expected to do so shortly.
Last month, unnamed sources claimed the commission had asked issuers to submit revised filings addressing issues like in-kind redemptions and staking.
The SEC was also said to be reviewing how issuers plan to handle in-kind redemptions and whether staking will be incorporated into the ETF structure.
On July 30, the SEC approved in-kind creation and redemption for all spot Bitcoin and Ethereum ETFs, lending credibility to earlier reports that a Solana ETF approval could also be on the horizon. If that happens, Solana ETFs may also adopt in-kind redemption structures from the outset.
As for timing, the SEC typically responds to amended S-1 filings within two to four weeks. Given the procedural tone of the latest updates and reports of active dialogue, a final decision on the first Solana ETF approvals could arrive by late August or September, ahead of the October deadline.
At press time, bettors on Polymarket were almost certain that Solana ETFs will be getting approved by the end of 2025.
