Multiple Solana ETF Issuers Update Application Documents, Industry Expects Increased Approval Probability

Multiple Issuers Applying for Solana Spot ETF Submit Updated S-1 Filings

Multiple institutions applying for a Solana spot ETF submitted updated S-1 filings last Friday, which is one of the application procedures required for the ETF to gain approval from the U.S. Securities and Exchange Commission (SEC) for public trading. Some experts believe this signals that the SEC is likely to approve these products soon.

According to a series of regulatory documents, investment companies Franklin Templeton, Galaxy Digital, and VanEck have all submitted updated S-1 filings. Grayscale also submitted an updated document, revealing that the proposed fund will charge a management fee of 2.5%.

Fidelity also submitted an S-1 filing for the Solana ETF on Friday, with a source confirming to The Block that this is the company’s first such application for a Solana spot ETF.

Blockworks previously reported that the SEC had contacted several Solana ETF issuers to request updated S-1 filings, including clarifications regarding “physical redemption” and how to address staking. Bloomberg senior ETF analyst Eric Balchunas stated at the time that this indicated a higher likelihood of SEC approval for these products than previously seen, predicting that the SOL spot ETF could be listed within two to four months.

Some experts believe that under the newly crypto-friendly leadership of the SEC, the chances of Solana receiving approval have increased, especially considering that the CME has listed SOL futures. While this is not a prerequisite for ETF listings, it is generally viewed as a positive signal.