Several applications for Solana exchange-traded funds (ETFs) that include staking features could gain U.S. approval by mid-October, according to ETF analyst Nate Geraci. The forecast follows a series of new regulatory filings from multiple asset management firms.
“Guessing these are approved [within the] next two weeks,” Geraci, who is the president of NovaDius Wealth Management, stated in a social media post on a Friday. He noted that asset managers Franklin Templeton, Fidelity Investments, CoinShares, Bitwise Asset Management, Grayscale Investments, VanEck, and Canary Capital all submitted amended S-1 documents for spot Solana ETFs to the U.S. Securities and Exchange Commission (SEC) on that day. These S-1 documents are comprehensive disclosures that detail a company’s financials, risk profiles, and the securities it plans to offer.
This development comes just over two months after the first Solana staking ETF launched in the U.S. The REX-Osprey Solana Staking ETF debuted on the Cboe BZX Exchange, achieving $33 million in trading volume and $12 million in inflows on its launch day. The increased focus on Solana aligns with recent commentary from asset managers at Pantera Capital, who called SOL “next in line for its institutional moment,” pointing to its under-allocation relative to Bitcoin.
Geraci also suggested that the upcoming month could be significant for the cryptocurrency market. He highlighted recent events such as the first Hyperliquid (HYPE) ETF filing and the SEC’s approval of generic listing standards for crypto ETFs. “Get ready for October,” Geraci said.
Growing interest in Solana investment products is also evident in Europe. Bitwise Invest chief investment officer Hunter Horsley reported in a social media post that the European Bitwise Solana staking ETP attracted $60 million in inflows over the past five trading days. “Solana on people’s minds,” Horsley commented. Analysts from Bitfinex recently suggested that a broad, outsized rally for altcoins may not occur until more crypto ETFs are approved, particularly those that provide investors with exposure further down the risk curve.
The inclusion of staking in the recent U.S. Solana ETF filings is also being viewed as a positive indicator for spot Ethereum (ETH) ETFs. Geraci pointed out that this development “bodes well for spot ETH ETF staking.” This sentiment was echoed by Markus Thielen, head of research at 10x Research, who recently told Cointelegraph that staking for Ethereum ETFs would increase their yield and could “dramatically reshape the market.” U.S. ETF issuers are still waiting for the SEC to permit Ether ETFs to offer staking, having filed numerous requests for permission earlier in the year.
