Major investment firms revised their proposals for Solana-based exchange-traded funds (ETF) in the United States.
Canary Capital, Franklin Templeton, and VanEck submitted amended S-1 filings to the Securities and Exchange Commission in 2025.
The filings showed continued talks with regulators and detailed new structures for staking, custody, and taxation.
What do these changes reveal about the development of regulated Solana products?
Solana ETF Included Staking Through Marinade Finance
The updated documents introduced staking features for the funds. Marinade Finance was selected as the only staking provider.
Each trust planned to allocate most of its holdings to Marinade for at least two years. Staking meant that tokens were locked to help secure the network in return for rewards.
These rewards were set to be reinvested after deducting fees. By doing so, the fund’s net asset value would increase over time.
The filings also highlighted Marinade’s instant unbonding tool. This feature allowed immediate liquidity for redemptions.
Without it, investors would have needed to wait for Solana’s cycle to release staked tokens. The design gave the funds more flexibility to handle inflows and withdrawals.
Solana Filings Expand Custody and Risk Disclosures
Custody arrangements were also revised. Solana holdings would be split between hot and cold wallets.
The custodian kept full control of private keys. Investors would not hold tokens directly. The filings admitted that risks remained despite these safeguards.
Daily disclosure was another change. Each ETF’s website would publish its net asset value, total holdings, and data on whether shares traded at a premium or discount.
The new drafts expanded sections on risk. They listed penalties from validator slashing, possible network outages, and potential validator failures.
The possibility of forks or airdrops not being supported by the trust was also included. The filings added tax language for the first time.
Sponsors said they aimed for grantor trust treatment under US law. They also admitted that taxation of staking rewards remained uncertain.
That ambiguity could influence how investor returns were treated.
Outlook for Solana ETF and Regulatory Process
Bloomberg analyst James Seyffart said the coordinated filings showed active dialogue between issuers and the SEC.
He noted that Franklin Templeton, VanEck, and Canary Capital were not alone. Other firms were expected to file updated documents soon.
Seyffart added that the process had not slowed. The timing suggested regulators and issuers were working step by step through revisions.
He pointed to Solana’s growing role as an institutional product. The filings came as the US government published certain GDP data on the Solana blockchain.
This highlighted adoption beyond financial products and gave more context for institutional interest. If approved, the funds would allow investors to gain exposure to Solana in a regulated format.
They would work in the same way that Bitcoin and Ethereum ETFs already did in the US. Such access could increase the role of Solana in portfolios managed by large financial institutions.
At press time, the Solana price was trading around $130. The relative strength index, or RSI, was near 65 at the time of writing.
RSI measured momentum and suggested whether an asset was overbought or oversold. The filings showed that sponsors were willing to adjust their plans to meet regulatory expectations.
Investors would now watch how the SEC reviewed the updated documents. The outcome would determine whether Solana ETFs joined Bitcoin and Ethereum as regulated products available to US markets.
Source: https://www.thecoinrepublic.com/2025/08/30/solana-etfs-advanced-with-updated-staking-and-custody-plans/
