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- Seven major asset managers have updated their S-1 filings for spot Solana ETFs

- CoinShares applied for a Solana Staking ETF while Grayscale plans to collect fees in SOL tokens

Seven asset managers have taken another step toward bringing Solana-based exchange-traded funds (ETFs) to U.S. markets. On August 1, firms including %Bitwise, %Fidelity, %Grayscale, %FranklinTempleton, %VanEck, Canary Capital, and %CoinShares (OTC: $CNSRF ) submitted amended S-1 registration statements to the U.S. Securities and Exchange Commission (SEC).

An amended S-1 filing may include modifications demanded by the SEC or edits made by the company to keep abreast with the dynamic regulatory requirements. These include a description of the ETF structure, risk disclosures, fee model, and custodianship of the ETF. In the case of %Solana (CRYPTO: $SOL ) ETFs, they are formal requests to list regulated investment funds using SOL, the native Solana %Blockchain token.

According to market analysts, the submissions were not substantial, but in terms of timing, it shows a coordinated effort between SEC and fund sponsors. Bloomberg analyst Eric Balchunas and Nate Geraci of ETF Store viewed the filings as a sign of accelerating negotiations, given that spot products' in-kind redemptions became possible at the SEC last month.

CoinShares Bets on Staking

CoinShares has also applied to Delaware's Solana Staking ETF entity. The product will enable investors to take SOL exposure and earn staking rewards. If approved, it would be the first staking-enabled ETF in the United States.

At the same time, advocacy groups such as Jito Labs and the Solana Policy Institute are calling on the SEC to enable liquid staking in exchange-traded products. Their proposal aims to strike a balance between network security and token liquidity, which would represent a paradigm shift in how staking can work in conjunction with classic investment instruments.

In its updated filing, Grayscale chose a different path, allowing it to charge its 2.5% management fee to be paid directly in SOL. This approach aligns with Grayscale's broader strategy to embed crypto-native features within traditional fund structures.

What's the Timeline for Approval?

In order for a spot ETF to go to market, both an S-1 and a 19b-4 filing have to be approved. The latter offers changes in regulations needed to list the product on a national exchange. Other firms have already filed their 19b-4s, and others will soon do the same.

SEC usually takes two to four weeks to react to amended S-1 filings. Depending on the rate of discussion and the regulator's signal concerning in-kind redemptions of BTC and ETH ETFs, a definitive ruling on spot Solana ETFs can be forthcoming as late as August or September. Bloomberg analysts estimate a 90% likelihood of approval, and bettors at Polymarket are pricing in a 99% likelihood of approval by the end of the year.

Amid ETF developments, Solana's price has experienced near-term volatility. On August 1, SOL traded at $168.07, marking a 2.43% daily decline. According to data retrieved by TradingView, SOL is already trading below the 20-day Bollinger Band mid-line, with the next support level seen at $157.70.

Source: Trading View

The Relative Strength Index (RSI) is at 45.23, which indicates a slowed momentum following its high of the index above 70 in the previous month. The token has lost 6.24% in the last 24 hours, 5.21% in the last week but gained 14.14% in the last month. Its price has been oscillating in a level between $121 and $204 value signifying a delaying trend following a remarkable performance in July.