Solana ETF Race Heats Up as CoinShares Joins Fray with SEC Filing

The competition for a solana spot ETF has intensified with CoinShares submitting a new application to the U.S. Securities and Exchange Commission (SEC), joining seven other major firms including Fidelity and Grayscale. This development underscores the increasing institutional demand for regulated access to Solana's blockchain ecosystem. Bloomberg analysts project a 70% likelihood of approval by late 2025, signaling strong market confidence in Solana's future. The proposed CoinShares Solana ETF could further legitimize the asset and attract significant capital inflows, potentially driving long-term price appreciation. As of June 2025, Solana's growing adoption and scalability continue to position it as a leading contender in the smart contract platform space, with this ETF race serving as a key milestone for broader institutional adoption.

Solana ETF Race Intensifies as CoinShares Files New SEC Application

CoinShares has entered the competitive race for a Solana spot ETF, filing an application with the U.S. Securities and Exchange Commission. The move signals growing institutional interest in regulated exposure to Solana's blockchain ecosystem. Eight major firms, including Fidelity and Grayscale, are now vying for approval, with Bloomberg analysts estimating a 70% chance of success by late 2025.

The proposed CoinShares Solana ETF would list on Nasdaq, tracking the CME CF Solana-Dollar Reference Rate. Custody arrangements with Coinbase Custody Trust and BitGo ensure secure offline storage, while partial staking of holdings may provide additional yield opportunities. This filing follows a pattern of increasing institutional adoption of alternative blockchain assets beyond Bitcoin and Ethereum.

Pantera, Multicoin Capital Invest $10M in Solana-Based AI Project Gradient Network

Gradient Network, a decentralized AI infrastructure project building on Solana, has secured $10 million in seed funding led by Pantera Capital and Multicoin Capital. The round, announced June 17, 2025, will accelerate development of a distributed AI runtime targeting edge computing devices.

The project aims to address centralization risks in artificial intelligence by decentralizing data storage, computation, and algorithm development. "This approach protects user privacy while democratizing access to AI tools," Gradient stated, positioning its technology as an antidote to systemic biases in centralized systems.

Gradient's architecture transforms consumer devices into nodes of a global computing network, potentially disrupting traditional cloud-based AI infrastructure. The funding underscores growing institutional interest in blockchain-based solutions for AI's ethical and technical challenges.

Pump.fun Eyes Strategic Acquisitions Following $1B Token Raise

Memecoin launchpad pump.fun is reportedly preparing to deploy fresh capital from its $1 billion token sale, with acquisitions likely on the agenda. Industry observers suggest four potential targets that could strengthen its position in the hyper-competitive speculative trading arena.

Solana-based Telegram trading bot BullX emerges as a logical target. These bots currently siphon significant trading volume from pump.fun's frontend, capturing an estimated $500 million to $1 billion in annual revenue through sniping and copy-trading features. Acquiring BullX WOULD allow pump.fun to reclaim lost market share, particularly as sophisticated competitors like Axiom enter the space.

Token discovery platform DEX Screener presents another strategic opportunity. Pump.fun's current interface struggles with user experience limitations in token browsing and analysis. Integrating DEX Screener's capabilities could transform the platform into a more comprehensive trading hub.

Pump.fun’s Sudden X Account Suspension and Return Sparks Market Paranoia

Pump.fun, the Solana-based memecoin launchpad, experienced a dramatic 24-hour saga on X, with its official account abruptly suspended alongside co-founder Alon Cohen’s personal handle. The purge extended to other high-profile token platforms like GMGN, Bloom Trading, and ElizaOS, fueling speculation about a coordinated crackdown.

No explanations were provided—neither for the suspensions nor the equally sudden reinstatements. Traders are left questioning whether this was a technical glitch, a regulatory warning, or arbitrary platform enforcement. The incident has heightened market paranoia, particularly around Solana’s volatile memecoin ecosystem.

Pump.fun’s quiet return offers no clarity, only reinforcing crypto’s recurring theme of opacity. Observers now scrutinize whether the episode hints at broader scrutiny of speculative token projects or merely reflects social media volatility.

Elon Musk’s X Reinstates Pump.fun and Its Founders Account After 24-Hour Suspension

Pump.fun, a Solana-based memecoin launchpad, and its founders' accounts were restored on Elon Musk's X platform after a 24-hour suspension. The abrupt takedown sparked speculation, though X offered no detailed explanation. Industry observers suggest the suspension may have stemmed from policy violations related to malicious activity.

The platform has become a key player in Solana's ecosystem, enabling hundreds of thousands of memecoin launches over the past year. Despite limited mainstream adoption for most tokens, Pump.fun's fair launch model has driven nearly $1 billion in revenue. Its upcoming $4 billion token launch and planned DEX expansion position it as a growing competitor in the Web3 memecoin infrastructure space.

Ondo Forms Alliance With Major Crypto Firms to Tokenize Securities

Ondo Finance has launched the Global Markets Alliance, a consortium of leading cryptocurrency entities including the Solana Foundation, Fireblocks, and Trust Wallet. The initiative aims to standardize tokenized securities and broaden international access to U.S. capital markets.

The alliance will focus on interoperability for onchain stocks, ETFs, and mutual funds, targeting non-U.S. users. Ondo's forthcoming Global Markets platform promises what it calls "the largest expansion of access to tokenized securities in history," addressing longstanding inefficiencies in cross-border capital market participation.

"Standardization is essential to unlock the full potential of tokenized securities," said Nathan Allman, underscoring the alliance's mission to reshape global finance through blockchain technology.