Solana ETF Race Heats Up as Firms Resubmit Revised Filings with SEC
Wall Street's latest crypto obsession just kicked into high gear.
SEC Inbox Flooded
Multiple asset managers have fired off updated Solana ETF applications to the Securities and Exchange Commission—because nothing says 'we're serious' like resubmitting paperwork with slightly different margin settings.
The Regulatory Dance
Firms aren't just asking permission—they're preemptively addressing every conceivable regulatory hiccup. Lower fees, revised custody solutions, and enhanced market surveillance measures fill these amended filings. They've apparently learned from Bitcoin and Ethereum ETF sagas: overwhelm regulators with operational minutiae before they can say 'volatility concerns.'
Institutional Hunger Grows
Behind the paperwork blitz lies palpable institutional FOMO. TradFi firms see Solana's blistering speeds and retail traction—and they want in. The real question isn't whether a Solana ETF gets approved, but which Wall Street giant will score the coveted first-mover advantage. Expect more 'revised filings' until someone finally cracks the code.
Because when has throwing slightly modified documents at regulators ever failed? Oh wait.
Marinade takes sole staking role as custody and transparency improve
One of the most significant updates in Canary Capital’s revised filing is the designation offor its proposed Solana ETF, marking the first time a U.S. ETF has outlined a clear, institutional-grade staking framework.
According to the filing, most of the ETF’s Solana holdings will be staked with Marinade for at least two years. Staking rewards will be auto-compounded after fees, aiding in bumping the fund’s net asset value. This introduces a yield factor to the ETF, and may make it more appealing to investors than pure passive crypto offerings.
More specificity has also been outlined on custody arrangements. Assets will be divided between hot and cold wallets, with the custodian exclusively holding private keys. Investors themselves will not handle the tokens, but the filings warn that custody risks, like hacks or system failures, cannot be eliminated. In response to concerns about transparency, the ETF’s website will disclose daily information such as net asset value, full holdings, and whether the shares are trading at a premium or discount.
The updated filings also include a discussion of the risks, updated to cover some recent accusations more thoroughly. They also now accommodate the ability that validators fail, the network goes offline, slashing might occur, or the trust may ignore certain forks and airdrops.
Staking rules shape Solana ETF prospects
While several players are tweaking their proposals and others are in the regulators’ review process, the Solana ETF race is heating up. There will likely be a vested Solana ETF, as most crypto ETFs are pure play, except Ethereum, where the SEC had more comfort, given the amount of physical ETH.
The stakes are significant. Approval would signal that investors could get regulated exposure to Solana just as they now can with Bitcoin and Ethereum. These ETFs will pioneer new yield-generating strategies inside a regulated product if staking capabilities are allowed.
The push indicates a broader trend for asset managers: cooperation with regulators, not confrontation. Issuers intend to conform to the SEC-led standards by revising and providing clarity. For investors, it signals the possibility that Solana, a risky, experimental blockchain not long ago, is on its way to becoming a mainstream financial asset.
The result is still far from certain, but the latest filings suggest clear advances. The SEC’s response will not just impact Solana, but it could also determine the fate of crypto ETFs in the U.S.
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