The Race for Solana ETFs: 8 Contenders Vying for SEC Approval

The Solana ETF Showdown
The SEC’s impending decision on Solana ETFs has turned into a high-stakes race, with eight financial heavyweights vying for approval. As a crypto analyst who’s seen this movie before (hello, Bitcoin and Ethereum ETFs), I can’t help but admire the strategic maneuvers unfolding. Here’s the play-by-play:
VanEck: The First Mover
VanEck threw its hat in the ring a year ago, betting big on Solana despite the SEC’s “security” label. Their “first-to-file” advocacy is classic Wall Street hustle—though whether it pays off depends on if the SEC approves all contenders at once (like they did with Bitcoin ETFs).
21Shares: The Redemption Play
Their proposed Core Solana ETF plans in-kind redemptions (read: actual SOL tokens). With Coinbase handling staking, they’re banking on transparency to win over regulators.
Canary Capital: The Dark Horse
This smaller firm has filed for eight altcoin ETFs—from SUI to XRP. Whether this is genius diversification or spray-and-pray marketing remains to be seen.
Bitwise: The Staking Pioneer
Already offering a Solana staking ETP in Europe, Bitwise’s CEO calls SOL an “incredible emerging asset.” If U.S. staking gets greenlit, Marinade (their staking partner) could hit the jackpot.
Grayscale: The Conversion Gambit
Seeking to flip its GSOL trust into an ETF, Grayscale faces the same NAV premium puzzle it did with Bitcoin. The SEC’s delayed decision suggests regulators are still crunching the numbers.
Franklin Templeton & Fidelity: The Heavyweights
The $1.5T Franklin Templeton already dabbles in SOL via tokenized funds, while Fidelity’s retail reach could make its ETF a liquidity magnet. Both prove institutional appetite is growing.
CoinShares: The Late Entry
Europe’s crypto ETP veteran just joined the fray. Their Tezos ETP proves niche appeal—but will U.S. investors bite?
The Bottom Line
This isn’t just about Solana; it’s a test case for altcoin ETFs. Approval could flood liquidity into SOL and legitimize other Layer 1 tokens. Rejection? Well, let’s just say the SEC’s “security” stance won’t fade quietly. Watch those S-1 amendments closely—the real game begins post-approval, where staking rewards and custody battles will separate winners from also-rans.
BlockchainMaven
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