A wave of asset managers updated their spot Solana ETF filings on Friday, underscoring a new phase of dialogue with the U.S. Securities and Exchange Commission (SEC). The activity marks the second consecutive week of revisions to crypto ETF proposals, with last Friday seeing similar updates around XRP-focused products.

Big Names in the Mix

The latest batch of filings came from heavyweights including VanEck, Franklin, Canary/Marinade, Grayscale, 21Shares, Fidelity, Bitwise, and CoinShares. Each firm submitted updated paperwork for a potential Solana ETF, signaling that the SEC is actively engaging with issuers rather than outright rejecting proposals.

Cash vs. In-Kind Redemptions

Some of the amendments now allow for both cash and in-kind redemptions. This flexibility means investors could redeem ETF shares either for cash or directly for Solana tokens — a structure that could make these funds more appealing to crypto-native investors while still fitting within traditional financial frameworks.

Signs of Progress

Bloomberg ETF analyst James Seyffart noted on X that the wave of filings likely points to a “positive back and forth” between issuers and regulators. While no launch dates are confirmed, the steady pace of dialogue suggests the SEC is inching closer to opening doors for altcoin ETFs.

A Nascent Market

The first spot Solana ETF in the U.S. — the REX-Osprey SOL + Staking ETF — launched on July 2, bypassing the traditional SEC approval process with a workaround. However, it has struggled to attract the massive inflows seen by Bitcoin and Ethereum spot ETFs, which quickly secured billions of dollars post-launch. Meanwhile, Solana futures ETFs, introduced by Volatility Shares in March, have added another layer of exposure to the market.

SOL Price Watch

Despite the regulatory buzz, Solana’s native token, SOL, dipped about 1% over the past 24 hours, according to The Block’s Solana price tracker. The muted reaction highlights a cautious sentiment as traders await concrete regulatory greenlights.

Bottom Line

With two weeks of clustered updates to Solana and XRP ETF filings, asset managers and the SEC appear locked in meaningful dialogue. For investors, the question now is not if but when altcoin ETFs might secure approval — and how quickly they can capture capital once the green light is given.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards.