Seven prominent asset managers including Fidelity and Grayscale have updated their applications for Solana exchange-traded funds (ETFs) to incorporate staking features. This move follows recent regulatory guidance indicating that staking activities may not automatically classify crypto products as securities.
The asset management firms—Fidelity, Franklin Templeton, 21Shares, Grayscale, Bitwise, VanEck, and Canary—submitted amended filings to address operational aspects of staking within fund structures. Key additions clarify procedures for in-kind redemptions and staking processes, directly responding to Securities and Exchange Commission oversight concerns.
Financial analysts note this development opens a clearer regulatory pathway for cryptocurrency ETFs following the SEC’s interpretive shift. Bloomberg Intelligence’s James Seyffart acknowledges the amendments could facilitate eventual approvals but cautions that Solana ETFs may face approval timelines comparable to earlier Bitcoin ETF processes.
Notably absent from current applicants is BlackRock, the dominant player in crypto ETF markets. Industry observers expect the firm to file for a Solana ETF in the future given its strategic positioning in digital asset investment products.