CoinShares Files for Spot Solana ETF, Proposes Staking Integration

CoinShares has entered the competitive race for spot Solana exchange-traded funds (ETFs) in the United States. The digital asset manager submitted a Form S-1 registration statement to the US Securities and Exchange Commission (SEC), marking its intent to list a spot Solana ETF for public trading.

The application, submitted via the SEC’s EDGAR system, identifies CoinShares Co. as the sponsor of the fund, with Coinbase Custody and BitGo Trust slated to handle custody of the underlying SOL tokens.

CoinShares Eyes Yield Through Staking in Solana ETF Filing

A notable component of CoinShares’ proposal involves staking. According to the filing, the fund plans to stake a portion of its SOL holdings through designated providers.

Although the initial staking partner has not been disclosed, the document states that staking rewards earned by the fund will be reinvested. The staking arrangement would be finalized ahead of the trust’s formal launch, introducing a yield component to what would otherwise be a passive, price-tracking vehicle.

CoinShares joins seven other firms seeking approval for similar products. These include VanEck, 21Shares, Bitwise, Franklin Templeton, Canary Capital, Grayscale Investments, and Fidelity Investments.

All applicants aim to launch funds that mirror the price of SOL, Solana’s native asset and currently the sixth-largest cryptocurrency by market capitalization. The entry of multiple high-profile issuers suggests growing institutional interest in Solana as a tradable asset within US markets.

ETF Competition Heats Up as Regulatory Sentiment Evolves

The timing of CoinShares’ filing coincides with increasing speculation that the SEC may be softening its stance toward crypto spot ETFs. Last week, several asset managers, including VanEck and Franklin Templeton, reportedly amended their filings at the request of the SEC.

These amendments included additional details on in-kind redemptions and staking methodologies, indicating a shift in how regulators may approach products that incorporate on-chain functionality such as staking.

In parallel developments, Trump Media & Technology Group’s Truth Social platform has submitted its own ETF application. The proposed Truth Social Bitcoin and Ethereum ETF aims to allocate approximately 75% of its assets to Bitcoin and the remainder to Ethereum.

Filed under Form S-1, the ETF would be sponsored by Yorkville America Digital LLC, with flexibility to change the asset allocation ratio at its discretion. Foris DAX Trust Co. LLC is named as the custodian. Truth Social becomes the third known entity to pursue a dual crypto ETF product, joining Bitwise and Hashdex.

Meanwhile, firms such as Volatility Shares and ProShares have filed for similar offerings, but those are tied to crypto futures markets rather than spot assets. The range of filings reflects both investor demand and evolving regulatory engagement with the crypto ETF market.

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