CoinShares, a leading European digital asset manager, has officially entered the U.S. race for a Solana spot ETF, filing its application with the Securities and Exchange Commission (SEC). This move positions CoinShares as the eighth major player seeking regulatory approval to launch a fund that tracks the price of SOL, Solana’s native cryptocurrency, on the Nasdaq 3.
What’s Behind the Solana ETF Push?
The surge in applications for Solana spot ETFs reflects a broader trend: traditional finance is increasingly embracing digital assets. CoinShares’ proposal aims to offer investors regulated, direct exposure to SOL, the sixth-largest cryptocurrency by market capitalization, without the need to hold the tokens directly . The ETF will also incorporate staking, allowing the fund to earn additional yield from Solana’s blockchain operations. Staking rewards will be distributed to the trust, potentially enhancing returns for investors.
Who Else Is in the Running?
CoinShares joins a competitive field that includes asset management giants like Fidelity, VanEck, Grayscale, Bitwise, 21Shares, Franklin Templeton, and Canary Capital . Many of these firms have recently updated their ETF proposals to include staking features, a move analysts believe could improve their chances of SEC approval.
What’s Next for Approval?
The SEC has extended its review period for several Solana ETF applications, citing the need to carefully examine legal and regulatory considerations. This cautious approach mirrors the process seen with previous Bitcoin and Ethereum ETF approvals, which ultimately paved the way for billions in institutional inflows.
While Bloomberg ETF analysts estimate a high probability of eventual approval, no definitive timeline has been set. The growing number of applications and the inclusion of staking features underscore the increasing demand for diversified crypto investment products in regulated markets .
Why Solana?
Solana’s appeal lies in its high-speed, low-cost blockchain infrastructure, which has attracted a vibrant developer community and a range of decentralized applications. As of mid-2025, SOL remains a top digital asset by market cap, with its price showing resilience and growth amid broader crypto market trends.
Looking Ahead
CoinShares’ entry into the Solana ETF race highlights the accelerating convergence of traditional finance and the crypto sector. If approved, the CoinShares Solana ETF could offer U.S. investors a new, regulated way to access one of the most dynamic blockchain ecosystems, further legitimizing digital assets within mainstream portfolios.
