Solana ETF Filings Include Staking: Approval Chances Surge to 91%

In a significant development for the cryptocurrency market, recent filings for Solana exchange-traded funds (ETFs) have incorporated staking provisions, leading to a notable increase in approval odds to 91%. Major asset managers such as Bitwise, Canary, and Grayscale have amended their applications with the U.S. Securities and Exchange Commission (SEC) to address regulatory concerns surrounding altcoin ETFs.

As of June 14, 2025, these revised S-1 filings allow the funds to earn rewards through staking the Solana (SOL) cryptocurrency held in custody. This strategic move aims to alleviate apprehensions from the SEC, which has been cautious in approving altcoin ETFs, as indicated by a source who spoke to Reuters.

James Seyffart, a Bloomberg analyst, commented on the ongoing dialogue between the SEC and ETF issuers, stating, "I think there needs to be a back and forth with the SEC and issuers to iron out details, so I doubt it will be a swift process. If anyone remembers the Bitcoin ETF launch, there were *A LOT* of filings over the preceding months before launch."

The SEC's current stance reflects a broader hesitance that has characterized its approach to cryptocurrency ETFs, especially following the long-standing approval journey for Bitcoin ETFs—culminating in the approval of spot Bitcoin ETFs in January 2024, over a decade after the initial application from Gemini's Tyler and Cameron Winklevoss.

VanEck was among the first U.S.-based firms to propose a spot ETF for Solana in mid-2024 and was also one of the last to amend its filing to include staking. Notably, BlackRock, a leading asset management firm, has yet to enter the Solana ETF race, prompting speculation about their future involvement in altcoin ETFs.

Despite the SEC's apparent caution, market sentiment remains optimistic. According to Polymarket data, the likelihood of a Solana ETF receiving approval in 2025 stands at 91%, a sentiment echoed by the modest positive movement in Solana's market price, which recently traded at $146.40, reflecting a 0.92% daily increase, as reported by CoinMarketCap.

Seyffart further noted that delays in the approval process do not necessarily equate to rejection. He explained, "Delays on spot crypto ETFs are expected. A bunch of XRP ETPs have dates coming up soon. If we are going to see early approvals from the SEC on any of these assets, I wouldn’t expect them until late June or early July at the absolute earliest. More likely to be in early Q4."

This perspective suggests that while regulatory scrutiny remains a hurdle, the potential for approval of the Solana ETF is still viable. Stakeholders in the cryptocurrency market are closely monitoring these developments, as they could significantly impact investor sentiment and market dynamics going forward.