CoinShares, a well-known investment firm, has officially joined the race to create an ETF based on the cryptocurrency Solana by submitting a respective application to the U.S. Securities and Exchange Commission.
The Race for Solana ETF
CoinShares filed an S-1 form with the SEC to launch a spot ETF based on Solana, becoming the eighth participant among major asset managers. Bloomberg analyst Eric Balchunas shared the news on platform X, noting that their numbers have increased to eight.
Interest from Major Asset Managers
The day after CoinShares' filing, firms like Fidelity, Grayscale, and VanEck also updated their filings, mentioning staking in their documents. This indicates that staking is becoming a standard feature for proposed funds.
The Future of Staking in ETFs
Unlike the recently approved Ethereum ETFs, which dropped staking to gain SEC approval, these Solana ETF filings fully embrace the possibility of earning staking rewards, which is likely to attract interest from investors. Solana’s ecosystem, characterized by fast transactions and low fees, is viewed as a strong candidate for the next major crypto ETF.
CoinShares is not the first company to file for a Solana ETF, but its participation highlights the growth of the crypto investment market. The SEC's response to these groups will be crucial for the future of staking in ETFs.
