Solana ETF Story: Key Players, Approval Path, And Its Potential Impact

Professional investor attention in crypto sustains upward momentum in 2025, and Solana has become one of the top participants for a spot ETF listing in the United States. Because of its fast-growing DeFi network, lower transfer charges, and growing developer base, Solana is growing and is observed as the leading alternative to Ethereum and at present, people are now competing to launch a government-approved Solana ETF.

Solana ETF Filings Overview: What’s on the SEC’s Desk?

The surge started in mid-2024, just months after the confirmation of spot Bitcoin and Ethereum ETFs in the United States. Since then, many investment companies, from big traditional firms to those focused on crypto, have applied to start spot Solana ETFs. Even though there are still questions about how Solana is classified by regulators, Bloomberg says there is a 75% chance that a Solana ETF will get approved by the end of the year.

The present SEC, under Chair Paul Atkins, has become more receptive to crypto products, particularly those that meet competitive market surveillance, custody, and pricing standards. The fact that two Solana futures ETFs, SOLZ and SOLT, are already listed by the DTCC and that CME plans to start offering Solana futures contracts later this year has made the case for a spot ETF even stronger.

Here’s a list of the main companies pushing for the Solana ETF in the US.

1. VanEck Solana Trust

VanEck was the first to take action, submitting a registration statement to the SEC in June 2024. The fund would directly follow SOL’s market price and is the first official attempt to list a spot Solana ETF in the US. VanEck’s early filing gave it an advantage in the competition for altcoin ETFs.

2. 21Shares Core Solana ETF

Also submitted in June 2024, 21 Shares tracked closely VanEck with its own S-1. The asset is aimed to list on the Cboe BZX Exchange, where many crypto ETFs, such as Ethereum, previously traded. 21 Shares has mentioned itself as an important player in altcoin ETFs globally, and its Solana filing leverages that momentum.

3. Bitwise Solana ETF

In November 2024, Bitwise started its submission by developing a statutory confidence in Delaware. It subsequently pulled back the real structure and resubmitted directly with the SEC via an S-1. The asset will maintain SOL directly and coordinate with Bitwise’s plan of aiming for long-term crypto market participation through reliable structures.

4. Grayscale Solana ETF

In January 2025, Grayscale filed a request to turn its existing Solana Trust (GSOL) into a spot ETF. At the time of the filing, GSOL had more than $134 million in assets. This step is similar to Grayscale’s earlier approach with its Bitcoin and Ethereum trusts, and the ETF would be listed on NYSE Arca.

5. Canary Solana ETF

Between late 2024 and early 2025, Canary Capital filed its application during a wave of altcoin ETF filings after the US presidential election. The firm submitted a request for a spot for Solana ETF, aiming to take advantage of the rising demand from institutions for legal Solana exposure.

6. Franklin Templeton Solana ETF

Franklin Templeton, which controls over $1.5 trillion in funds, joined the market in March 2025 with filings for both S-1 and 19b-4 forms. It’s suggested Solana ETF would be marked on the Cboe BZX Exchange and symbolise one of the most high-profile institutional submissions to the Solana ETF competition.

7. Fidelity Solana ETF

On March 25, Cboe BZX Exchange filed a request on behalf of Fidelity for a proposed spot Solana ETF. The SEC recognised the application in early April. Interestingly, Fidelity’s fund plans to stake some of its SOL holdings through trusted third-party providers, which could generate yield, a feature not seen in other current filings.

What Are the Chances of Solana ETF Approval in 2025?

Although the SEC has not decided on any of these applications yet, opinions have changed significantly since the beginning of 2025. With Bitcoin and Ethereum ETFs already active, experts think it is getting harder for the SEC to deny similar products, especially those that trade on regulated futures markets or have strong support in custody and pricing systems.

According to Bloomberg Intelligence, a spot Solana ETF could attract $3-6 billion in investments, making it one of the biggest altcoin ETF releases so far. The fact that US clearing houses already recognise futures ETFs tied to Solana only makes the momentum stronger.

If any of these Solana ETFs are confirmed in the second half of 2025, at present which many experts assume that it would point to an important move toward bringing institutional-grade investment entry to one of the most active blockchains in the crypto market network.

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