Solana ETF Nears Approval as Grayscale, Fidelity File S-1s With Staking Feature

The race to launch a Solana ETF in the U.S. is heating up as major issuers, including Grayscale, Fidelity, and Bitwise, file new S-1 amendments with staking provisions. Analysts believe the SEC could approve the products within two weeks, signaling a breakthrough moment for Solana’s institutional adoption.

Fresh S-1 Filings Put Spotlight on Solana ETF

Several leading asset managers, including Franklin, Fidelity, Grayscale, Bitwise, VanEck, CoinShares, and Canary, submitted amended filings to the SEC this week. All the filings included staking, a capability that enables the funds to earn further yield by transferring their holdings on Solana on-chain. Bloomberg analyst James Seyffart noted that this unified approach from issuers reflects rising confidence in approval.

NEW: Bunch of updated filings for the Solana ETF prospectuses. Signs of movement from issuers and the SEC. pic.twitter.com/2XXaXct6w7

— James Seyffart (@JSeyff) September 26, 2025

ETF analyst Nate Geraci suggested that approval could come in as little as two weeks. He pointed to the SEC’s improved efficiency in processing digital asset applications, particularly after its recent decisions on Ethereum products. Staking is another built-in feature that allows ETFs to distribute staking rewards, either in cash or SOL tokens, to shareholders.

This model enables investors not only to gain access to the Solana price flow but also to generate an additional source of income. The net asset value (NAV) of these ETFs may increase due to the staking model, and the mentioned investments will be more appealing than conventional crypto-tracking funds. With issuers fighting over early inflows, staking can be a major differentiator when it comes to investor adoption.

Moreover, the timing of these amendments aligns with broader regulatory shifts. Earlier in September, the SEC streamlined the approval framework for ETH-based products, removing repetitive hurdles. This change paves the way for faster green lights on similar Solana ETFs, cutting through previous case-by-case reviews.

Growing Investor Demand for Solana

The appetite of institutions towards Solana around the world has been on the increase, which supports the timing of such filings. In Europe, Bitwise Solana staking ETF attracted more than 60 million in inflows in the first week of its launch, which is its strong demand. In the U.S., in the meantime, the REX-Osprey SOL + Staking ETF reported having received over 10.6 million dollars in net daily inflows, exceeding 250 million AUM in two months.

REX-Osprey also reshaped its Solana ETF this month, transforming it into a regulated investment company, instead of a C-Corporation, to enhance competitiveness. The relocation abolishes federal and state taxes at the level of funds, and this raises the efficiency of shareholders. These developments indicate the high market momentum of Solana-based products.

Grayscale is also widening its exposure through diversification. Its CoinDesk Crypto 5 ETF, which is traded on Solana and XRP, recorded a trading volume of 22 million on its debut day. This demonstrates that Solana is not just attracting single investments but also an investment in multi-asset strategies.

As the SEC is feeling pressure to modernize its crypto regulations and institutions look for ways to earn yield, analysts believe that the first Solana ETFs may be approved by early October. Granted, such products will enhance the convergence between traditional finance and the fast-growing blockchain ecosystem on Solana, and, consequently, make it even more prominent in the institutional portfolio.