Seven prominent asset management firms, including industry leaders Fidelity and Grayscale, have submitted or amended S-1 registration filings with the U.S. Securities and Exchange Commission (SEC) for spot Solana exchange-traded funds (ETFs).
A significant development within these filings is the explicit inclusion of provisions allowing the ETFs to stake the underlying Solana (SOL) tokens. This marks a notable advancement in the evolution of cryptocurrency ETFs beyond simple asset holding.
ETF analyst James Seyffart anticipates a lengthy SEC review process, drawing parallels to the extended approval timeline experienced by spot Bitcoin ETFs. The complexity of integrating staking mechanics—involving custody, security, and compliance for yield generation—into regulated investment products presents substantial regulatory hurdles.
Industry observers suggest the SEC might potentially approve staking provisions for both Solana and Ether ETFs concurrently. Bloomberg Intelligence has reportedly increased its odds for Solana ETF approval in 2025 to 90%.
If approved, staking-enabled Solana ETFs could offer investors regulated access to decentralized finance (DeFi) yields. However, significant regulatory uncertainties and operational risks associated with staking remain key challenges for these novel financial products.