Overview

• Seven major asset managers—Grayscale, VanEck, Bitwise, Canary Capital, Franklin Templeton, Fidelity and CoinShares—filed amended S-1 registration statements with the SEC between July 31 and August 1 to advance their spot Solana ETF proposals.
• 21Shares revised its Spot Solana ETF application in response to SEC comments on in-kind redemption procedures while Cboe BZX submitted a listing proposal for the Invesco Galaxy Solana ETF featuring in-kind creations, redemptions and potential staking rewards.
• The Invesco Galaxy filing argues that Solana’s roughly $2 billion in daily trading volume across major exchanges justifies ETF approval without a futures market surveillance agreement.
• Bloomberg analysts Eric Balchunas and James Seyffart put approval odds at about 90% for a spot Solana ETF by late August or September, although products with integrated staking continue to face closer scrutiny.
• The SEC’s July 30 authorization of in-kind creation and redemption for spot Bitcoin and Ether ETFs establishes a structural precedent that could be extended to Solana ETF models.