Bloomberg Analyst: Solana Collateral ETF is expected to be listed within weeks, multiple issuers collectively update S-1 filings
A number of asset management companies have successively submitted revised documents for the Solana spot ETF with a pledge function, and the market is optimistic that it will be approved within a few weeks.
(Preliminary summary: US$1 billion bet on Solana! Is this plunge a bargain hunting moment for crypto institutions?)
(Background supplement: New trend in crypto vaults: Is buying SOL more efficient than hoarding ETH?)
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A number of asset management companies submitted Solana spot ETFs with pledge functions to the U.S. Securities and Exchange Commission (SEC) almost simultaneously. According to the revised document, analysts interpreted the product launch process to be on the fast track. Once approved, these ETFs will be able to participate in Solana network verification through staking and obtain additional income in addition to passively tracking prices, marking a new stage in the cryptocurrency investment model.
Wall Street battle: heavyweight issuers collectively seize the opportunity
According to The Block, Fidelity, Franklin Templeton, Grayscale, CoinShares, Bitwise, VanEck, Canary Capital and 21Shares have updated their S-1 documents to clearly include the pledge mechanism. However, BlackRock, which manages the world's largest Bitcoin and Ethereum spot ETFs, remains on hold, leaving the market with room for imagination.
As for the approval time, Bloomberg ETF analyst James Seyffart predicted on the X platform:
Solana ETF may get the pass in the next few weeks.
Getting closer … Solana ETFs are likely coming to an exchange near you in coming days/weeks https://t.co/nk2iC0WQmn
— James Seyffart (@JSeyff) September 27, 2025
NovaDius Wealth President Nate Geraci further judged that "there will be a chance to make a decision within two weeks at the earliest."
Regulatory ice-breaking: pledges are not classified as securities, and the review process is greatly shortened
In the past, whether pledge rewards are securities income has always been a gray area faced by crypto asset management products. However, the SEC issued new guidelines in May this year, clearly stating that rewards generated by staking are not classified as securities, removing the biggest legal obstacle to product design.
And the SEC recently announced the launch of an "accelerated approval" process, shortening the ETF listing review period from 240 days to 60 to 75 days, creating frequent and positive back and forth between issuers and regulatory agencies.
Funding effect: Pioneer funds verify market appetite
The market demand for pledge-based products has been confirmed by multiple early cases. According to reports, REX-Osprey launched the first Solana fund with a pledge function in July this year, and its assets under management have exceeded US$300 million so far. The Solana pledged ETP issued by Bitwise in Europe attracted US$12 million on the first day, with a cumulative inflow of US$60 million within five days. Analysts generally estimate that if the U.S. version of the ETF takes off, it is expected to attract billions of dollars in new funds in the short term, bringing upward momentum to Solana’s price.
More importantly, the staking income will be directly returned to the net value of the fund, which is equivalent to opening a "double reward" model for investors: on the one hand, they can enjoy token price fluctuations, and on the other hand, they can obtain stable staking rewards. This design is expected to narrow the gap between crypto assets and traditional income-generating instruments and expand the potential investor base.
The mainstreaming process is one step closer
If this wave of Solana ETFs is successfully implemented, subsequent PoS blockchain assets, such as the opening of staking functions for Ethereum spot ETFs, will surely become the next focus. For traditional finance, pledged ETFs provide crypto exposure that is regulated, easy to configure, and have cash flow; for the native crypto ecosystem, institutional funds will further stabilize network security and improve liquidity, forming a positive cycle.
In the past two years, Bitcoin and Ethereum spot ETFs have proven investor demand with scale. The addition of the staking function now shows that product innovation and regulatory adjustments are accelerating simultaneously. For investors, issuers and regulators, if the Solana spot ETF can be listed in the short term, it will be another milestone in the integration of digital assets and traditional finance.
