CoinShares Joins Intensifying Spot Solana ETF Race as 8th SEC Applicant

CoinShares has entered the competitive race to launch a spot Solana exchange-traded fund (ETF), becoming the 8th asset manager to file an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) on June 13, 2025.

The move follows VanEck’s pioneering filing in June 2024, which sparked a wave of applications from major players like Fidelity, 21Shares, Bitwise, Franklin Templeton, Canary Capital, Grayscale Investments, and now CoinShares.

The proposed “CoinShares Solana ETF” aims to track the price of Solana, the fifth-largest cryptocurrency by market capitalization, offering investors direct exposure to its performance without holding the asset directly.

This surge in filings reflects growing institutional interest in Solana, fueled by its position as a leading blockchain for decentralized applications.

Details of the CoinShares ETF Proposal

The CoinShares Solana ETF, planned for listing on Nasdaq, will leverage Coinbase Custody and BitGo Trust as custodians to secure its SOL holdings. A key feature of the ETF is its intent to stake a portion of its SOL assets, potentially generating additional returns for investors through Solana’s proof-of-stake mechanism.

The SEC has recently requested issuers to clarify in-kind redemption mechanisms, indicating active engagement with applicants.

The Intensifying Race for Solana ETF

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.

The rush to launch Solana ETFs underscores the broader trend of regulated crypto investment vehicles gaining traction post the approval of Bitcoin and Ethereum ETFs.

Solana’s robust ecosystem and institutional appeal have positioned it as a prime candidate for the next wave of crypto ETFs.

“Coinshares jumping into the Solana spot ETF race w new filing this morning. I think we are up to 8 now.” noted Bloomberg ETF analyst Eric Balchunas, who estimates a 70% chance of approval by early Q4 2025.

Balchunas predicts that approvals could materialize within 2-4 months, potentially by October 2025, given the SEC’s ongoing dialogue with issuers.

The competitive landscape is heating up, with filings from Fidelity, 21Shares, Franklin Templeton, Grayscale, Bitwise, Canary Marinade, VanEck, and CoinShares, a development tracked by Bloomberg ETF analyst James Seyffart. His updates reveal an initial six S-1 submissions on June 13, 2025, followed by confirmation of 8 issuers by June 16, highlighting the rapid escalation of this race.

They have highlighted the growing momentum behind altcoin ETFs, particularly Solana, dubbing the current environment a “Potential Altcoin ETF Summer.”