A wave of seven Solana ETF filings was submitted to the U.S. Securities and Exchange Commission (SEC) on June 13, sparking buzz across the crypto finance world. However, despite growing optimism about an “Altcoin ETF Summer,” top analysts suggest that immediate approval is unlikely, citing the complexity of staking-related disclosures and the regulatory learning curve.
All Eyes on Staking in Solana ETF Filings
According to Bloomberg ETF analyst James Seyffart, the updated S-1 filings from all seven issuers “include staking language,” a potentially game-changing feature for crypto-based exchange-traded funds (ETFs). The applicants include:
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Fidelity Investments (initial S-1 filing)
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21Shares, Franklin Templeton, Grayscale, Bitwise Investments, Canary Capital (amended S-1 filings)
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VanEck, which first filed for a Solana ETF in June 2024, submitted its amended S-1 later in the day.
While staking inclusion suggests innovation and yield generation for potential investors, Seyffart warned that it also complicates the SEC review process, likely pushing back final approvals.
Lessons from Bitcoin and Ether ETF Approvals—But Not for Staking
Seyffart, commenting via X (formerly Twitter), noted that while spot Bitcoin ETFs launched in January 2024 following a decade of proposals and amendments, staking introduces new regulatory unknowns. He acknowledged that the SEC and issuers had “learned lessons” from past approvals, but emphasized, “No such lessons apply to staking.”
That means more “back-and-forth” between issuers and the SEC is expected, echoing the laborious process behind the first spot Bitcoin ETF.
The timing of the filings also aligns with ongoing discussions surrounding spot Ethereum ETFs, many of which are awaiting SEC decisions on staking features.
Could Solana and Ether Staking Approval Happen Together?
Seyffart floated the idea that Solana ETFs could theoretically launch with staking enabled at the same time Ethereum ETF issuers receive similar approval. However, he added, “I have no insight into what will happen.”
The possibility of dual staking approvals adds an interesting wrinkle to ETF market speculation.
Meanwhile, Bloomberg Intelligence has boosted the odds of the SEC approving a Solana ETF in 2025 to 90%, according to its April 30 report. And earlier this year, Consensys founder Joe Lubin hinted that Ether ETF issuers were optimistic about staking inclusion arriving “soon.”
Altcoin ETF Summer on the Horizon?
On June 11, Bloomberg senior ETF analyst Eric Balchunas added fuel to the fire by stating, “Get ready for a potential altcoin ETF summer with Solana likely leading the way.”
That optimism is tempered, however, by the SEC’s historic caution, especially with features like staking that may impact fund classification, investor protection rules, and yield expectations.
Conclusion: A Step Forward, but the Journey Isn’t Over
While the June 13 filings represent a strong step toward regulated Solana ETF offerings, experts remain cautious about timeline expectations. The inclusion of staking, while potentially valuable for investors, opens a new layer of regulatory review that will likely delay immediate market entry.
The crypto market is watching closely, but for now, the message is clear: the SEC process won’t be rushed.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
