Updated Solana ETF Filings Indicate “Positive Back and Forth” Between Asset Managers and SEC

On Friday, August 29, a series of asset managers submitted updated filings for their proposed spot Solana exchange-traded funds (ETFs), signaling that discussions with the U.S. Securities and Exchange Commission (SEC) are continuing. The firms include Canary/Marinade, Franklin Templeton, 21Shares, Fidelity, CoinShares, Bitwise, and VanEck. Bloomberg analyst James Seyffart described the coordinated timing of these updates as evidence of a “positive back and forth” between issuers and regulators.

The clustering of submissions suggests that issuers and the SEC remain in active discussions. While no definitive timeline has been set for approvals, Seyffart interpreted the simultaneous filings as a constructive signal. The SEC’s review process continues without any pause, as reflected in the consistent activity from both sides.

The SEC recently exercised its authority to extend its review deadlines for certain Solana ETF proposals. On July 31, several issuers, including VanEck, Franklin Templeton, Bitwise, 21Shares, and Grayscale, filed updated S-1 forms for their spot Solana ETFs, marking an earlier round of revisions. On August 14, the SEC then delayed decisions on those filings, pushing the final deadline to October 16. Proposals from Canary Funds and Marinade Finance were also delayed under similar orders. These extensions cite the need for additional time to consider whether the ETFs meet the requirements of Cboe BZX Exchange Rule 14.11(e)(4), which governs exchange-traded products backed by physical commodities.

Broader Market Context

The renewed activity surrounding Solana ETFs follows the earlier launch of the REX-Osprey SOL + Staking ETF on July 2 under the ticker $SSK. That product, which circumvented the traditional 19b-4 route and instead used the Investment Company Act of 1940 structure, generated over $8 million in trading volume within its first 20 minutes and has since grown to exceed $202 million in assets under management. $SSK has had a two-month head start and is now potentially facing competition from several other issuers if the SEC approves their proposals.

Institutional Interest in Solana

Last week, the U.S. Commerce Department began publishing GDP data on several blockchains, including Solana. The government’s decision to use the network underscores its growing recognition as a credible and scalable platform.

The cluster of updated filings demonstrates that Solana is gaining traction as an institutional investment product. Asset managers appear eager to expand investor access to $SOL in a regulated format, even as they work to address the SEC’s evolving requirements.

The coordinated wave of filings underscores that dialogue between asset managers and regulators remains active and that interest in Solana as a mainstream financial product continues to grow.

Read More on SolanaFloor

Sharps Technology Closes $400 Million Raise to Launch Solana Treasury Strategy

The $126T Equities Market Is Coming Onchain