Solana ETF Race Heats Up as Seven Major Firms File for Spot ETFs with Staking Provisions

The competition to launch the first spot Solana ETF has reached a new level of intensity, with seven asset management giants filing S-1 registration statements with the SEC. Among the notable filers are Fidelity, making its debut Solana ETP filing, and established crypto players like Grayscale, VanEck, and Franklin Templeton, who submitted updated proposals. A groundbreaking aspect of these filings is the inclusion of staking mechanisms, marking a first for US ETF applications. This development underscores the growing institutional interest in Solana and its potential to reshape the cryptocurrency investment landscape. The filings highlight the increasing demand for innovative financial products that combine the benefits of ETFs with the yield-generating potential of staking, further solidifying Solana''s position as a leading blockchain platform. As of June 2025, this move signals a significant step toward mainstream adoption of Solana and could pave the way for broader acceptance of staking within regulated financial products.

Seven Major Firms File for Spot Solana ETFs, All Including Staking Provisions

The race to launch the first spot solana ETF has intensified as seven asset management giants simultaneously filed S-1 registration statements with the SEC. Fidelity made its debut Solana ETP filing, while established crypto players like Grayscale, VanEck, and Franklin Templeton submitted updated proposals. Notably, every filing incorporated staking mechanisms - a first for US ETF applications.

Grayscale''s filing revealed a 2.5% management fee structure, setting an early benchmark for the potential product category. VanEck, the earliest Solana ETF filer in June 2024, amended its proposal to include staking rewards. The coordinated filings suggest institutional consensus on Solana''s viability as an ETF-worthy asset, though regulatory hurdles remain substantial.

Bloomberg ETF analyst James Seyffart tempered expectations, noting the SEC will likely require multiple rounds of issuer discussions. "The Bitcoin ETF process involved months of back-and-forth filings before approval," Seyffart observed on X. While staking functionality could complicate regulatory review, the simultaneous filings demonstrate unprecedented institutional demand for Solana exposure.

Solana ETF Issuers Amend Filings to Include Staking Features Following SEC Guidance

Bitwise, Canary, and Grayscale have revised their Solana ETF proposals to incorporate staking mechanisms, a MOVE prompted by SEC directives. The updated S-1 filings establish Trust Staking Accounts, enabling the funds to generate additional yield through validator participation.

Coinbase Custody will serve as the institutional staking provider, handling all technical operations while maintaining security protocols. Staking rewards may accrue as SOL tokens or cash equivalents, with Grayscale imposing a pre-activation condition for its product.

The structural enhancement transforms these ETFs into dual-purpose vehicles - offering both price exposure and yield generation. This development mirrors the institutional maturation seen in Ethereum-based products, potentially setting a precedent for future proof-of-stake asset offerings.

SOL Rebounds Toward $145 Amid Institutional Support and ETF Developments

Solana (SOL) showed resilience at $144.14 despite a 2.06% dip on June 14, as institutional activity countered retail-driven weakness. The asset remains near the lower end of its $145–$149 consolidation range, mirroring broader crypto market corrections tied to geopolitical tensions.

Two institutional catalysts underscore growing Solana ecosystem engagement. Seven spot Solana ETF issuers—including Fidelity, Grayscale, and VanEck—submitted updated S-1 filings with staking provisions, structurally aligning with Solana''s on-chain economics. Separately, Nasdaq-listed DeFi Development Corp secured a $5 billion equity line of credit to fund incremental SOL purchases, signaling long-term accumulation strategies.

The developments follow a minor regulatory adjustment, with DeFi Dev Corp withdrawing an S-3 filing due to technical eligibility issues. Market participants now watch for how these institutional tailwinds may stabilize SOL''s price floor.

Bybit Launches Byreal, a Hybrid DEX on Solana

Bybit is making its foray into decentralized finance with the introduction of Byreal, a hybrid decentralized exchange built on the Solana blockchain. The testnet is set to launch on June 30, with a full release anticipated later this year.

Byreal aims to bridge the gap between centralized and decentralized exchanges by combining CEX-grade liquidity with DeFi-native transparency. The platform will utilize RFQ (Request for Quote) and CLMM (Concentrated Liquidity Market Maker) routing to minimize slippage and protect against MEV attacks.

"Byreal isn’t just another DEX," said Ben Zhou, CEO of Bybit. "It’s combining CEX-grade liquidity with DeFi-native transparency. This is what real hybrid finance looks like."

The exchange will also feature a Reset Launch mechanism for fair token distribution and Revive Vaults, offering curated DeFi yield products starting with bbSOL.