CoinShares has filed paperwork with the U.S. Securities and Exchange Commission (SEC) to launch the first-ever spot Solana (SOL) exchange-traded fund (ETF). The CoinShares Solana ETF Trust was filed on June 11, 2025.
The filing, registered under Delaware’s business-friendly jurisdiction, positions CoinShares at the forefront of a brewing regulatory battle to bring altcoin investment vehicles to mainstream markets.
The filing follows the SEC’s recent directive urging issuers to update their applications with details on in-kind redemptions and staking mechanisms, a critical step toward potential approval.
Due to the SEC’s interaction with issuers, industry analysts currently estimate the approval probability at 90%. If approved, the ETF will eliminate the hassles of direct cryptocurrency ownership by enabling investors to obtain exposure to SOL through conventional brokerage accounts.
Why Solana and Anticipated Challenges
The high-speed blockchain of Solana, which can process 65,000 transactions per second with negligible fees, has made it a favorite among NFT and decentralized finance (DeFi) developers. Its ecosystem has grown to $8.7 billion in total value locked (TVL), making it the second most dominant smart contract behind Ethereum.
However, staking remains a key challenge. Solana’s proof-of-stake model rewards token holders for network participation, but SEC Chair Gary Gensler has historically viewed staking-as-a-service as potential securities violations.
CoinShares’ filing reportedly addresses this by outlining a non-staking custody model, a compromise that could set precedents for future crypto ETFs.
Competitive Landscape For Solana ETF
In addition to CoinShares, Invesco Galaxy, 21Shares, and VanEck have all submitted similar proposals, while Grayscale is seeking to convert its $3 billion Grayscale Solana Trust into an ETF. However, recent delays in decisions on Polkadot and Hedera ETFs suggest commissioners remain divided, but the agency’s request for updated S-1s, a final step before approval, hints at growing consensus.
The SEC has 240 days to approve or deny CoinShares’ application, with a final decision expected by March 2026.
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