In a twist that could only be described as mildly amusing, seven asset managers have decided to dust off their applications and give the US Securities and Exchange Commission (SEC) a little nudge, all in the name of launching Solana-based exchange-traded funds (ETFs) on June 13. Who knew paperwork could be so thrilling?
According to the ever-enthusiastic Bloomberg ETF analyst, James Seyffart, the firms in question include the usual suspects: Fidelity, Franklin Templeton, 21Shares, Grayscale, Bitwise, VanEck, and the ever-mysterious Canary. Yes, that’s right, Canary. No, it’s not a bird, but it might just sing a different tune in the ETF world! 🎶
Solana ETF Filings Include Staking Language
Now, hold onto your hats, because these filings are not just your run-of-the-mill applications. They represent a seismic shift in the cosmic dance between regulators and ETF issuers. The amended filings tackle the SEC’s concerns like a cat chasing a laser pointer, specifically addressing the use of in-kind redemptions and the role of staking in fund operations. Because who doesn’t love a good game of regulatory hopscotch?
One of the most eyebrow-raising changes is the inclusion of language around staking Solana tokens. Yes, staking! It’s like the SEC finally decided to clarify that staking doesn’t automatically turn a product into a securities offering. Who knew? 🤔
This newfound clarity has given ETF hopefuls a glimmer of hope, allowing them to consider staking as part of their fund strategy to offer additional yield to investors. Because, let’s face it, who doesn’t want more yield? It’s like finding an extra fry at the bottom of the bag! 🍟
“[The SEC] could theoretically approve the Solana ETFs to launch with staking at the same time they approve staking in ETH ETFs,” Seyffart stated, probably while sipping a cup of tea and contemplating the meaning of life.
However, before you start popping the champagne, let’s not get ahead of ourselves. The chances of an imminent approval remain as slim as a pencil-thin mint. Seyffart draws parallels to the drawn-out saga of spot Bitcoin ETFs, suggesting that more correspondence will likely follow before any green light is given. It’s like waiting for a bus that never arrives. 🚌
“I think there needs to be a back and forth with SEC and issuers to iron out details, so I doubt it. If anyone remembers the Bitcoin ETF launch, there were A LOT of filings over the preceding couple of months before launch,” he added, probably while shaking his head in disbelief.
BlackRock Sits Out—For Now
Meanwhile, in a plot twist that could rival any soap opera, BlackRock, the world’s largest asset manager, has decided to sit this one out. Yes, you heard that right! While the Solana ETF activity is buzzing like a beehive, BlackRock has yet to join the fray. It’s like watching a party from the sidelines, wondering if you should join in or just enjoy the snacks. 🍕
Seyffart noted that while BlackRock hasn’t filed for a Solana ETF, it wouldn’t be surprising if they eventually do. However, for now, they appear to be sitting out the initial wave, perhaps waiting for the perfect moment to strike. 🕵️♂️
BlackRock’s crypto ETF footprint is already as dominant as a lion in a room full of kittens. Its iShares Bitcoin Trust (IBIT) recently completed a 31-day inflow streak and now ranks among the top 25 ETFs by assets under management in the US—a feat that many are calling historic. Because who doesn’t love a good history lesson?
“They haven’t yet. But I would not be surprised if they were to eventually do that. But right now it doesn’t seem like they will be in the first wave (whenever these launch),” said James Seyffart, probably while rolling his eyes at the absurdity of it all.
According to SoSoValue data, the firm’s Ethereum ETF has also captured a significant market share, with cumulative net inflows of more than $5 billion. That’s a lot of zeros! 💰
Given this context, Nate Geraci, president of The ETF Store, believes a Solana filing from BlackRock is as inevitable as the sun rising in the east.
“I still fully expect BlackRock to file for spot Solana and XRP ETFs. As the leader in spot BTC and ETH ETFs, it would make zero sense to cede other top crypto asset ETF categories to competitors,” Geraci stated, probably while polishing his crystal ball.
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2025-06-14 13:11