7 Asset Managers Submit Solana ETF Proposals Amid SEC Regulatory Delays

Seven major investment firms including Fidelity and VanEck have formally submitted applications for spot Solana exchange-traded funds (ETFs) to the U.S. Securities and Exchange Commission, though analysts predict a lengthy approval process reminiscent of Bitcoin ETF delays.

Regulatory Hurdles Mirror Bitcoin ETF Timeline

Bloomberg ETF specialist James Seyffart noted the SEC will likely require multiple rounds of revisions before approving any Solana ETF products. The analyst pointed to the decade-long approval process for spot Bitcoin ETFs as precedent, with the first Bitcoin ETF application dating back to 2013 before final approval in January 2024.

——This won't be a quick rubber-stamp approval—— Seyffart emphasized in social media commentary, suggesting issuers should prepare for extensive back-and-forth negotiations with regulators.

Staking Feature Emerges as Key Battleground

All seven Solana ETF filings incorporate provisions for cryptocurrency staking rewards, potentially creating regulatory complications. The SEC has historically viewed staking services with skepticism, currently reviewing similar features for pending Ethereum ETF applications.

【Notable Detail】Industry observers speculate the SEC might address staking regulations simultaneously for both Ethereum and Solana ETF products, though no official timeline exists.

Major Players Enter Solana ETF Race

The June 13 filings saw Fidelity submit its initial S-1 registration, while 21Shares, Franklin Templeton and others amended existing applications. VanEck—the first U.S. firm to propose a Solana ETF in June 2024—completed the day's filings with amended documentation.

Market analysts currently estimate 【90%】probability of eventual Solana ETF approval in 2025, according to Bloomberg Intelligence projections. This optimism follows successful launches of Bitcoin and Ethereum investment products earlier this year.

Regulatory Uncertainty Impacts Market Sentiment

While Solana futures open interest recently hit 【$7.4 billion】amid ETF speculation, the unclear regulatory path has created volatility. Industry experts caution that staking provisions—absent from Bitcoin ETFs but central to Solana's value proposition—represent uncharted territory for SEC oversight.

——We're essentially writing the rulebook in real-time—— noted one anonymous asset manager involved in the filings, speaking on condition of anonymity due to ongoing regulatory discussions.

As the SEC reviews these groundbreaking applications, market participants await signals about whether the agency will treat proof-of-stake cryptocurrencies differently than their proof-of-work predecessors in the ETF approval process.