New ETF Issuers FOMO Into Solana ETFs Amid Reports Approval May Come Soon

All prospective Solana ETF issuers have filed updated documents in response to the SEC's request for revisions. The regulatory body reached out to prospective Solana ETF issuers, asking them to submit updated S-1 forms with revised language related to in-kind redemption and clarify their approach to staking.

As of Friday, June 13, 2025, amended S-1 forms were filed by the following prospective ETF issuers: 21Shares, Bitwise, Canary Capital, Fidelity, Franklin Templeton, Grayscale, and VanEck.

CoinShares Files For Spot Solana ETF

CoinShares has filed an S-1 registration statement with the U.S. Securities and Exchange Commission on June 13 to launch a spot $SOL ETF. The Jersey-based digital asset manager manages £1.66 billion in assets.

This filing marks the eighth application for a spot Solana ETF and comes just three days after CoinShares registered its Solana ETF as a statutory trust in the state of Delaware. The timing of the filing follows recent reports from Bloomberg ETF analysts suggesting that the SEC could act sooner than expected to approve a Solana ETF. These developments have added urgency for new issuers, like CoinShares, that had been planning to enter the race, prompting a wave of accelerated filings. Bloomberg Intelligence estimates the odds of a Solana ETF approval this year at 90%.

Invesco Galaxy Solana ETF Registered in Delaware

While other issuers were preparing their amended S-1 forms, Invesco and Galaxy Asset Management, the investment arm of Galaxy Digital, filed to register a trust in Delaware for a proposed Solana ETF.

According to the filing, the firms registered “Invesco Galaxy Solana ETF” as a domestic statutory trust with the Delaware Division of Corporations on June 12, 2025. This move marks an important early step toward launching the fund and signals that a formal SEC application may soon follow.

Once Invesco and Galaxy submit their application to the SEC, they will join the expanding group of asset managers aiming to introduce a spot Solana ETF in the United States.

Conclusion

The race for a Solana ETF began after VanEck submitted its S-1 filing last year, setting off a wave of interest from major asset managers. Since then, nearly every firm behind U.S.-listed spot Bitcoin and Ethereum ETFs except BlackRock has entered the Solana ETF arena. With updated filings now submitted and new players, such as CoinShares and Invesco Galaxy, joining the fray, momentum is clearly building.

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