Solana ETF Update: Grayscale, Fidelity, Others Files S-1 With Staking, Approval Expected in Two Weeks

Several major issuers, including Grayscale, Fidelity, and Bitwise, have filed new amendments to their Solana ETF applications. The amendment included provisions for staking. An ETF analyst believes approval could come in just two weeks.

Fresh S-1 Filings Put Spotlight on Solana ETF

A set of amended S-1 filings was submitted to the U.S. Securities and Exchange Commission (SEC). This included submissions from Franklin, Fidelity, CoinShares, Bitwise, Grayscale, VanEck, and Canary. Bloomberg analyst James Seyffart highlighted this new move by the issuers.

NEW: Bunch of updated filings for the Solana ETF prospectuses. Signs of movement from issuers and the SEC. pic.twitter.com/2XXaXct6w7

— James Seyffart (@JSeyff) September 26, 2025

Each filing incorporated staking, a feature that would enable ETFs to generate additional yield by utilizing their Solana holdings on-chain.

ETF analyst Nate Geraci suggested these filings could be approved within two weeks. This projected timeline comes due to the SEC’s increasing efficiency in handling digital asset products.

This amendment follows the Solana ETF issuers’ previous filing, building on its momentum. Grayscale, Bitwise, and Canary have all made it clear that their trusts will put Solana into specific “staking accounts.” Funds can receive rewards from Solana’s proof-of-stake mechanism in the form of cash or SOL tokens thanks to this structure.

Such rewards, treated as income to the fund, can enhance the net asset value (NAV) and provide additional benefits to shareholders. The model introduces exposure to Solana’s price, as well as a potential income stream for investors.

The timing of these filings may be linked to new regulatory shifts. Earlier in September, the SEC approved Grayscale’s ETH products’ move from non-generic listing rules to a more standardized framework. This adjustment means similar products can now trade without repeated, case-by-case approvals.

Growing Investor Demand for Solana

These fillings follow a surge in institutional demand for Solana products worldwide. Bitwise’s European Solana staking ETP recently attracted $60 million in inflows in a single week. This marks an impressive debut in the market.

In the U.S., the REX-Osprey SOL + Staking ETF (SSK) has been drawing consistent investment. The SOL ETF recorded $10.6 million in net inflows in a single day. This surpassed the $250 million AUM threshold just two months after its launch.

To further boost investor appeal, REX-Osprey restructured its Solana ETF earlier this month. They converted it from a C-Corporation to a regulated investment company. The product may become more tax-efficient as a result of the action, which removes federal and state taxes at the fund level.

Alongside its efforts on Solana, Grayscale is also making strides with diversified cryptocurrency funds. It’s CoinDesk Crypto 5 ETF, which includes Solana and XRP, recorded $22 million in trading volume on its first day. 

With the SEC’s recent regulatory easing, first approvals for the Solana ETFs could arrive as soon as the first or second week of October.