Solana ETF Applications Revised by Major Asset Managers

According to BlockBeats, several prominent asset management firms have revised their Solana ETF application documents, indicating that a spot Solana ETF with staking capabilities could be launched in the coming weeks. On Friday, asset management companies including Fidelity, Franklin Templeton, CoinShares, Bitwise, Grayscale, Canary Capital, and VanEck updated their S-1 application documents for Solana ETFs, detailing staking activities. Fidelity, which manages the second-largest spot Bitcoin ETF by assets under management, stated in its revised documents that it plans to stake some or all of its Solana holdings to generate returns. This wave of document revisions continues a trend from late August when several issuers amended documents to allow for cash and physical redemptions. Bloomberg ETF analyst James Seyffart noted that this likely indicates "positive communication between issuers and the U.S. Securities and Exchange Commission (SEC)," adding that the Solana ETF could be listed on exchanges in the coming days or weeks. Nate Geraci, President of NovaDius Wealth, also expressed optimism about the revisions, suggesting they "send a positive signal for staking in spot Ethereum ETFs," and predicted that the Solana ETF "could be approved within two weeks." BlockBeats notes that there are legal and filing path differences between the previous REX-Osprey SOL ETF and standard spot ETFs. Standard crypto spot ETFs are filed under the S-1 form of the Securities Act of 1933, while REX-Osprey utilized the 1940 Act for a quicker product launch, which carries regulatory uncertainty and potential compliance risks, resulting in lower liquidity and market acceptance.