A Quick Overview of the 8 Contenders for the Solana Spot ETF Launch

Original Author: Blockworks

Original Translation: Felix, PANews

The approval process for the spot Solana exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) seems to have entered its final stage, with the initial seven potential issuers submitting revised S-1 filings in recent days, and a new entrant (CoinShares) joining the competition.

Notably, each filing includes information about staking, as previously reported, the SEC has required issuers to include such content.

As the crypto industry prepares for a third crypto asset ETF that could gain SEC approval, here are the eight companies that have applied to issue a Solana ETF, listed in the order of their initial application submissions:

VanEck

VanEck was the first company to apply for a Solana ETF, approximately a year ago this month. At that time, despite the SEC insisting that Solana is a security, some compared this application to a bullish option on Trump winning the election in November.

This bet paid off, but if the SEC follows its precedent and approves Bitcoin and Ethereum ETFs simultaneously, rather than in the order of application submission, it could be a Pyrrhic victory.

To this end, VanEck has been advocating for the SEC to adopt a "first-come, first-served" principle, arguing that it is more beneficial for innovation and competition.

VanEck utilizes Kiln to provide Solana staking services for its European exchange-traded products (ETPs).

21Shares

Two days after VanEck's application, 21Shares also submitted its Solana ETF application, hoping the SEC will adopt the "first-come, first-served" principle.

The Core Solana ETF planned by 21Shares will be traded on the Cboe BZX exchange, with redemptions occurring in SOL tokens.

Coinbase is listed as the staking service provider mentioned in the base prospectus submitted by 21Shares in Europe.

Canary Capital

Canary Capital submitted its SOL ETF application just days before the U.S. elections.

Compared to some funds on the list, Canary Capital is smaller in scale but has recently gained notoriety for applying for multiple altcoin ETFs. Its submitted ETF applications include SUI, SEI, INJ, TRX, PENGU, HBAR, LTC, and XRP.

Bitwise

Bitwise first applied for an exchange-traded fund (ETF) shortly after Trump's election. In an interview, the company's CEO Hunter Horsley described Solana as an "incredibly emerging asset and story."

Bitwise also launched a Solana-based staking ETP in December, with staking services provided by Marinade. If the U.S. approves staking ETFs, this could be a good sign for Marinade.

Grayscale

Grayscale is seeking to convert its SOL trust into a spot ETF, similar to how it has handled its Bitcoin and Ethereum trusts. Currently, the GSOL trust is trading above its net asset value, indicating that investors are willing to pay a premium for the product over the underlying SOL.

Last month, the SEC delayed its decision on Grayscale's exchange-traded fund (ETF), stating that it had "not reached any conclusions" regarding the 19b-4 application for the proposed spot SOL ETF.

Franklin Templeton

Franklin Templeton Investments offers exchange-traded funds (ETFs) for Bitcoin and Ethereum and has submitted application documents for ETFs related to SOL and XRP.

This $1.5 trillion fund has other initiatives in the cryptocurrency space, with its digital asset core SMA having a small allocation to SOL. Its tokenized money market fund also increased support for Solana earlier this year.

This $1.5 trillion fund also invests in many other cryptocurrency projects, with its crypto independent managed account (SMA) having a small allocation to SOL. Its tokenized money market fund also gained support for Solana earlier this year.

Fidelity

In the current competition, Fidelity is a giant. Its Bitcoin exchange-traded fund (ETF) has assets under management second only to BlackRock, while its Ethereum ETF's assets under management lag behind those of BlackRock and Grayscale's conversion trust.

Fidelity is a major provider of brokerage, trust, and individual retirement accounts, and it could become a significant driver of fund inflows for the approved SOL exchange-traded fund (ETF).

CoinShares

CoinShares is the latest company to join the competition for the Solana exchange-traded fund (ETF), entering the race as existing issuers rush to submit revised S-1 forms.

This Europe-based asset management firm focused on cryptocurrencies has already launched ETPs for BTC, ETH, and a range of altcoins—anyone interested in trying?

This Europe-based asset management firm focused on cryptocurrencies has launched exchange-traded products (ETPs) for BTC, ETH, and a variety of altcoins.

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