 
 Highlights
Solana ETF proposals are advancing. Some firms have resubmitted S-1s with the U.S. SEC. Canary Capital, Franklin Templeton and VanEck all filed revised S-1s. This indicates that they are in constant discussions with regulators and that there is great interest in Solana-based ETFs.
The most notable change will be that Marinade Finance is the sole provider who would help with staking for the Solana ETF. The amended filing confirms that the trust will allocate most of its Solana to Marinade’s platform for at least two years.
Staking rewards will be earned, reinvested after fees, and used to strengthen the trust’s net asset value as also highlighted in previous Solana ETF fee updates. The filing also introduces Marinade’s instant unbonding feature, which would provide liquidity for redemptions without waiting for Solana’s network cycles.
The new draft also expands the custody framework. It details how Solana holdings will be divided between hot and cold wallets, with the custodian retaining sole control of private keys. Investors will not handle tokens directly, but the filing stresses that custody risks remain. To improve transparency, the ETF’s website will publish daily net asset value, full holdings, and premium or discount data.
Risk factors have been widened considerably. The amended filing cites potential slashing penalties, validator failures, Solana outages, and the possibility of forks or airdrops being abandoned by the trust. Tax language is another major addition. The fund will seek to be treated as a grantor trust for U.S. tax purposes, though it acknowledges uncertainty over how staking rewards will be taxed.
According to an update by Bloomberg analyst, James Seyffart, Franklin Templeton and VanEck have also submitted amended Solana ETF filings. According to Seyffart, the numerous filings suggests that it is likely that the companies have been in constant communication with the SEC. He further noted that additional firms will submit their updated filings soon. Therefore, the review procedure is an ongoing process and without any regulatory pause.
The combined filings demonstrate Solana is gaining significance as an institutional product. This momentum extends beyond ETFs, with the U.S. recently publishing GDP data on the Solana blockchain.
That explains the strong desire from asset managers to gain approvals. Providing updates to satisfy the preferences from regulators are evidence that issuers are willing to collaborate with SEC rules. With approvals of these Solana ETFs, investors will have regulated access to the token, similar to Bitcoin and Ethereum.
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