CoinShares Charges Into Solana ETF Race—Joins 7 Heavyweight Contenders in SEC Showdown

The crypto ETF arms race just got hotter—CoinShares just lobbed a Solana-shaped grenade into the fray.

Wall Street''s latest crypto crush gets a new suitor as the London-based fund manager files paperwork with the SEC. They''re now the eighth player elbowing for position in what''s becoming the most competitive ETF sprint since Bitcoin''s landmark approval.

Solana''s institutional moment arrives

The ''Ethereum killer'' finally gets its Wall Street close-up. After years of retail trader hype and developer buzz, SOL enters the big leagues—though the SEC''s notorious foot-dragging means traders shouldn''t hold their breath. (We all remember how long it took them to greenlight Bitcoin ETFs—and that was for an asset they''d already grudgingly accepted.)

Seven other applicants are already in the queue—including some of the same firms that fought for the Bitcoin ETF crown. The irony? Most of these financial giants spent years badmouthing crypto before realizing they couldn''t afford to ignore it.

When the suits finally come around, you know the money''s real. Even if their due diligence consists mostly of tracking which way the wind''s blowing.

• CoinShares becomes 8th firm to file for a Solana ETF
• Filing follows amended staking disclosures by other issuers
• SEC approval expected within two to four months

CoinShares has submitted a prospectus to list a Solana ETF in the U.S. as a wave of asset managers seek to track altcoins. The fund will be listed on Nasdaq and provide institutions access to Solana (SOL). The action indicates the increasing institutional interest in regulated crypto investment vehicles other than Bitcoin and Ethereum.

The filing comes as the SEC reviews similar solana ETF applications from other companies. CoinShares becomes the eighth asset manager to file such an application, with competitors such as Fidelity, VanEck and Grayscale. These new filings indicate increased confidence in regulatory clarity of alternative digital asset products.

CoinShares Solana ETF Structure

CoinShares filed an S-1 registration statement, with detailed plans of the fund to track the SOL spot market performance on Nasdaq. The filing did not include a 19b-4 form that WOULD have started the formal approval process. However, it is expected that this submission will be followed by an exchange listing request.

The ETF will directly hold SOL and allow investors to get exposure to the digital asset without owning it. Analysts are optimistic about the MOVE by other issuers to update their filings to include staking options. CoinShares could also follow the same in future amendments to match regulatory expectations.

Bloomberg Analysts Predict Solana ETF Approval in 2-4 Months

Last week, seven other firms amended their S-1 forms to address SEC requirements on staking and redemptions. These firms include VanEck and Franklin Templeton which updated their filings at the SEC’s request to include in-kind redemptions. These updates reflect discussions between the Commission and issuers ahead of a possible approval period.

Bloomberg analysts predict that Solana ETFs could be approved within two to four months. James Seyffart and Eric Balchunas noted that the SEC staff have requested issuers to change their  language, which is a positive development. The SEC could prioritize Solana products because of the number of compliant filings and an increase in market demand.

Solana ETF Race Gains Pace

Fidelity also filed an application on the same day as other issuers amended their filings, boosting its position in the competitive ETF race. In the meantime, Invesco recently registered the Invesco Galaxy Solana ETF in Delaware, which shows it will likely file soon. These activities indicate the intense competition as companies rush to have a first-mover advantage.

VanEck remains a leading candidate because it submitted early and its liaison with regulators. Grayscale aims to turn its trust into an ETF while Fidelity uses its infrastructure and custody solutions. CoinShares now competes directly with these major firms as it seeks to be approved.