Solana ETF Advances: 21Shares Refines Filing Amid SEC Review

In a significant development for the cryptocurrency market, 21Shares has updated its application for a Spot Solana ETF, addressing regulatory feedback from the US Securities and Exchange Commission (SEC). The amended filing, submitted on August 1, 2025, focuses on resolving concerns around in-kind redemptions and other structural elements, marking a crucial step toward bringing SOL-based investment products to mainstream financial markets. This move underscores the growing institutional interest in crypto ETFs beyond Bitcoin and Ethereum, with Cboe BZX Exchange playing a pivotal role in the process. The refinement of the filing demonstrates 21Shares' commitment to meeting regulatory standards while expanding access to Solana's innovative blockchain ecosystem. As the SEC continues its scrutiny, this development could pave the way for broader adoption of Solana in traditional finance, potentially influencing SOL's market position and future valuation.

21Shares Updates Spot Solana ETF Filing Amid SEC Scrutiny

21Shares has amended its application for a Spot solana ETF, responding to regulatory feedback from the US Securities and Exchange Commission. The updated filing targets concerns around in-kind redemptions and other structural elements, signaling intensified efforts to bring SOL-based products to mainstream markets.

The move follows a wave of institutional interest in crypto ETFs beyond Bitcoin and Ethereum. Cboe BZX Exchange is listed as the proposed trading venue, with 21Shares US LLC acting as sponsor—a rebranded entity formerly known as Amun Holdings Limited.

Market observers view this as a litmus test for altcoin ETF viability. Solana's inclusion in the regulatory conversation reflects its growing stature as Ethereum's most credible competitor in smart contract platforms.

Solana Investors Accumulate $367 Million in SOL Amid Price Dip

Solana holders have aggressively accumulated 2.03 million SOL tokens worth $367 million during the past week's price decline, signaling long-term conviction despite short-term bearish indicators. The altcoin's exchange balance drop coincides with funding rates teetering near negative territory—a potential inflection point where Leveraged traders may shift from bullish to bearish positioning.

Market dynamics now hinge on whether this accumulation represents smart money buying the dip or a temporary pause before further downside. The coming days will test Solana's ability to regain momentum as traders watch for a decisive break in funding rates and exchange flows.

Jito Labs Leads Petition to SEC for Solana Liquid Staking Tokens in ETPs

Jito Labs, alongside Bitwise, Multicoin, VanEck, and the Solana Institute, has petitioned the SEC to approve Solana liquid staking tokens (LSTs) for exchange-traded products (ETPs) and ETFs. The move marks a significant step toward integrating crypto into traditional finance, enabling in-kind compensation and passive income opportunities.

The filing advocates for LSTs as the primary staking mechanism in ETPs, leveraging Solana's dual staking options—traditional SOL staking and liquid staking, which offers additional token utility. The petition specifically targets eight products that submitted S-1 forms to the SEC on June 13, 2025.

While ETPs currently permit staking, the group aims to expand the practice to ETFs through further regulatory engagement. The SEC's stance remains under scrutiny as the industry pushes for broader adoption of liquid staking solutions.

Solana ETFs Near Approval as Grayscale and VanEck Disclose Fund Structures

Grayscale and VanEck have filed updated prospectuses for their proposed Solana ETFs, revealing critical details including fee structures, custodians, and operational frameworks. These disclosures signal advanced-stage preparations for regulatory approval—potentially creating the first mainstream US investment vehicle for Solana (SOL), currently the fifth-largest cryptocurrency by market cap.

Grayscale's Solana Trust ETF (GSOL) will list on NYSE Arca with a 2.5% annual sponsor fee, mirroring its existing crypto product pricing. Coinbase Custody will safeguard the fund's assets using a cash-creation model, where authorized participants transact in USD rather than in-kind SOL redemptions. The fund will track the CoinDesk SL50 Index for pricing transparency.

Market analysts interpret these filings as a strategic move to address SEC concerns following Bitcoin and ethereum ETF approvals. The proposed funds could unlock institutional demand for SOL, which has outperformed many top-tier assets this year with its high-throughput blockchain architecture.