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Apparently it’s coming down to Wire for SEC approval for Spot Solana ETFS. The original seven future publishers have recently submitted their S-1s, with newcomers (aka Coinshares) taking part in the race.
In particular, all filings included a staking language. This, as previously reported, has asked the SEC to include it in its issuer.
There are eight companies that have submitted to issue Solana ETFs in the order they first submitted, as the industry may prepare a third crypto asset and obtain SEC inheritance in the ETF.
Vaneck
Vanek first submitted his Solana ETF almost a year ago this month. At the time, some submitted a call option on Trump’s victory in the November election despite the SEC’s claims that the SEC is security.
That bet paid off, but if the SEC follows the precedent of approving Bitcoin and etheric ETFs at once in the order in which the issuer submits first, it could be something like a puric victory.
To that end, Vanek advocates for the SEC to take a “first file-to-file” approach, claiming it is better for innovation and competition.
Vanek uses kiln to power Solanas staking for European ETPs.
21 shares
21 shares placed the call option for the Trump election shortly after Vanek went. I also hope that SEC will follow a first file-to-file approach.
Coinbase is listed as a 21-shared staking provider of basic prospectus submitted in Europe. This is a conversation with Eliezer Ndinga’s Strategy Director about the topic of Solana ETF last year.
Canary capital
Canary capital submitted the Sol ETF a few days before the election.
Canary Capital, a fund that is less than part of this list, recently named it by submitting it to the Altcoin ETF. Submitted to ETFs including SUI, SEI, INJ, TRX, PENGU, HBAR, LTC, and XRP.
Bitwise
Bitwise first applied for the ETF shortly after Trump’s election. In an interview with me, Hunter Horseley, the company’s CEO, called Solana “an incredible emerging assets and stories.”
Bitwise also launched Solana Staking ETP as a staking provider at Marinade in December. This is good for Marinade when Bode gets approval in the US.
Grey scale
Grayscale aims to convert Sol Trust into a spot ETF, similar to what it did with Bitcoin and Ether Trust. GSOL Trust is currently trading at NAV premium. This means investors are willing to pay more for the product than what the underlying SOL is worth.
Last month, the SEC delayed its Grayscale decision on ETFs, saying it had never “resulted” on the filing of the 19B-4 to list the proposed Spot Sol ETFs.
Franklin Templeton
Franklin Templeton offers Bitcoin and Etheric ETFs, with filings in SOL and XRP ETFs.
The $1.5 trillion fund also has many other crypto initiatives, with its digital asset Core SMA having a small allocation to SoL. The tokenized money market fund also added support for Solana earlier this year.
Faithful
Fidelity is a titan of racing so far. That Bitcoin ETF is second only to AUM’s BlackRock, and its Ethereum ETF tracks the converted trusts of BlackRock and Grayscale.
Coin share
Coinshares was the latest participant in the Solana ETF race, throwing a hat into the ring while existing publishers were competing to submit their revised S-1 form.
Crypto-centric European asset managers have existing ETPs of BTC, ETH and various altcoins. TezosETP, anyone?
