CoinShares joins VanEck, Fidelity and others in race for spot Solana ETF approval, files S-1 with SEC

CoinShares has filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission to list shares of a spot Solana exchange-traded fund for public trading, according to documents seen on the SEC’s EDGAR system.

The proposed product, dubbed the CoinShares Solana ETF , lists CoinShares Co. as the sponsor, with Coinbase Custody and BitGo Trust serving as custodians. The filing also disclosed plans to stake a portion of the fund’s SOL holdings.

“The Sponsor will stake, or cause to be staked, a portion of the Trust’s SOL through one or more trusted staking providers (each, a “Staking Provider”). The portion to be staked will be fixed on or before the start date of the Trust. In consideration for any staking activity in which the Trust may engage, the Trust will receive a portion of the staking rewards generated by a Staking Provider,” the filing reads. CoinShares did not name its initial staking provider.

Approval optimism

CoinShares is the eighth issuer to seek SEC approval for a spot Solana ETF. Other filers include VanEck, 21Shares, Bitwise, Franklin Templeton, Canary Capital, Grayscale Investments and Fidelity Investments. All aim to offer funds that track the price of SOL, crypto’s sixth-largest asset by market capitalization.

The latest filing comes amid growing anticipation that the SEC may soon greenlight spot Solana ETFs. Last week, asset managers such as VanEck and Franklin Templeton reportedly submitted amended S-1 filings at the agency’s request, adding details on in-kind redemptions and staking practices .

Bloomberg ETF analyst Eric Balchunas said approvals could come within two to four months. Issuers have also urged the SEC to follow its “ first-to-file ” tradition, which grants priority based on the order of submission.

Following last year’s approval of spot bitcoin and ether ETFs, multiple issuers have sought to expand the crypto ETF market. The SEC has received filings for funds tied to assets including Litecoin, XRP, Dogecoin, and Cardano. According to Balchunas , LTC and SOL have the strongest chances of approval.