Solana ETF Explained: Key Players, Approval Timelines, and Market Impact

As institutional interest in crypto continues to rise in 2025, Solana has emerged as one of the top contenders for a spot ETF listing in the United States. With its fast-growing DeFi ecosystem, low transaction fees, and expanding developer base, Solana is increasingly seen as the leading alternative to Ethereum — and now, the race is on to bring a regulated Solana ETF to market.

Full List of Solana ETF Filings as SEC Reviews Key Applications

The push began in mid-2024, just months after the approval of spot Bitcoin and Ethereum ETFs in the US. Since then, a wave of asset managers — from established giants to crypto-native firms — have filed to launch spot Solana ETFs. Despite lingering questions around Solana’s regulatory classification, Bloomberg currently gives a 75% chance that a Solana ETF will be approved by the end of the year.

The current SEC under Chair Paul Atkins has shown more openness to crypto products, especially those that meet rigorous 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 is preparing to launch Solana futures contracts later this year, has only strengthened the case for a spot ETF.

Here’s a breakdown of the key players leading the Solana ETF charge in the US.

1. VanEck Solana Trust

VanEck was the first to move, filing an S-1 registration statement with the SEC in June 2024. The fund would directly track SOL’s market price and marks the first formal attempt to list a spot Solana ETF in the US. VanEck’s early application gave it a first-mover advantage in the altcoin ETF race.

2. 21Shares Core Solana ETF

Also filed in June 2024, 21Shares closely followed VanEck with its own S-1. The fund is intended to list on the Cboe BZX Exchange, where several crypto ETFs, including Ethereum, already trade. 21Shares has positioned itself as a key player in altcoin ETFs globally, and its Solana filing builds on that momentum.

3. Bitwise Solana ETF

In November 2024, Bitwise initiated its filing by establishing a statutory trust in Delaware. It later withdrew the original structure and refiled directly with the SEC via an S-1. The fund would hold SOL directly and aligns with Bitwise’s strategy of targeting long-term crypto exposure through trusted frameworks.

4. Grayscale Solana ETF

Grayscale submitted a filing in January 2025 to convert its existing Solana Trust (GSOL) into a spot ETF. GSOL had over $134 million in AUM at the time of filing. The move mirrors Grayscale’s earlier strategy with its Bitcoin and Ethereum trusts, and would see the ETF listed on NYSE Arca.

5. Canary Solana ETF

Filed between late 2024 and early 2025, Canary Capital’s application came amid a flurry of altcoin ETF filings following the US presidential election. The firm submitted an S-1 for a spot Solana ETF, seeking to capitalize on growing institutional demand for compliant SOL exposure.

6. Franklin Templeton Solana ETF

Franklin Templeton, which manages over $1.5 trillion in assets, entered the space in March 2025 with filings for both S-1 and 19b-4 forms. Its proposed Solana ETF would be listed on the Cboe BZX Exchange and represents one of the most high-profile institutional entries into the Solana ETF race.

7. Fidelity Solana ETF

On March 25, Cboe BZX Exchange submitted a 19b-4 filing on behalf of Fidelity for a proposed spot Solana ETF. The SEC acknowledged the application in early April. Notably, Fidelity’s fund plans to stake a portion of its SOL holdings through trusted third-party providers, offering the potential for yield — a unique feature among current filings.

Will Solana ETF Be Approved in 2025?

While the SEC has not yet ruled on any of these applications, the sentiment has shifted notably since the start of 2025. With Bitcoin and Ethereum ETFs already live, analysts believe it’s becoming increasingly difficult for the SEC to justify rejecting similar products — especially those that trade on regulated futures markets or are supported by mature custody and pricing infrastructure.

Regulatory classification remains one of the last unresolved hurdles. The SEC has not made a formal determination about whether Solana is a security, and ongoing litigation involving other altcoins could influence the decision timeline. Still, ETF sponsors are updating their filings to address concerns proactively, including surveillance-sharing agreements and expanded disclosures — tactics that were key to winning approval for spot Bitcoin ETFs in early 2024.

According to Bloomberg Intelligence, a spot Solana ETF could draw $3–6 billion in inflows, making it one of the largest altcoin ETF launches to date. The fact that futures ETFs tied to Solana are already recognized by US clearing houses only adds to the momentum.

If any of these Solana ETFs are approved in the second half of 2025 — which many analysts now expect — it would mark a major step toward bringing institutional-grade investment access to one of the most dynamic blockchains in the crypto ecosystem.