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CoinShares, a prominent digital asset management firm in Europe, has submitted a filing to the US Securities and Exchange Commission to establish a spot Solana (SOL) exchange-traded fund, representing the latest effort by institutional entities to gain access to the rapidly expanding blockchain asset sector.
The application, filed on June 13, details intentions to list the CoinShares Solana ETF on Nasdaq.
This fund aims to provide investors with direct exposure to SOL, the native cryptocurrency of Solana, by tracking the CME CF Solana–Dollar Reference Rate.
Coinbase Custody Trust and BitGo will serve as custodians, safeguarding the assets in cold storage offline. According to the S-1 filing, a portion of the assets may also be staked through selected providers to generate rewards.
Coinshares entering the Solana spot ETF competition with a new filing this morning. I believe we now have 8 participants. pic.twitter.com/IqJxpSGICd
— Eric Balchunas (@EricBalchunas) June 16, 2025
Major Asset Managers Invest in Solana, Though Approval Timeline Remains Uncertain
This initiative coincides with a surge of asset managers, including Fidelity, 21Shares, Franklin Templeton, Grayscale, Bitwise, and Canary Capital, who filed or modified Solana ETF applications on the same day. VanEck, which was the first to propose a Solana ETF earlier this year, also submitted an updated application. In total, eight firms have now joined the competition, as noted by Bloomberg ETF analyst Eric Balchunas.
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Despite the heightened interest in Solana ETFs, regulatory approval is still uncertain. The SEC has recently asked issuers to clarify their approach to in-kind redemptions, a crucial operational aspect for crypto ETFs.
The agency is reportedly amenable to incorporating staking features in these products but has not yet indicated a timeline for a decision.
Analyst Estimates Solana ETF Approval Odds at 70%, Anticipating Approval Later This Year
Bloomberg analysts have provided cautious forecasts. In February, ETF analyst Balchunas estimated a 70% likelihood of approval, although delays are anticipated.
James Seyffart, a senior ETF analyst at Bloomberg, indicated that any early approvals are unlikely to occur before late June or early July, with a more likely timeframe extending into early Q4 of 2025.
Solana, frequently characterized as a quicker and more cost-effective alternative to Ethereum, has garnered considerable interest from both developers and institutional investors. Nevertheless, its volatility, regulatory ambiguity, and security issues continue to pose challenges to its mainstream adoption.
CoinShares’ initiative, while not assured of success, reflects the increasing demand for diversified crypto investment products within regulated markets. As the SEC evaluates this latest series of filings, both issuers and investors are closely monitoring for indications of how the regulator intends to approach the next generation of digital asset ETFs.
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