Solana Exchange-Traded Fund: Progress of VanEck, REX-Osprey, and Future Prospects
The world of cryptocurrency is abuzz with anticipation as the Securities and Exchange Commission (SEC) is widely expected to approve the first spot Solana Exchange-Traded Fund (ETF) in the United States by October 2025 [1][3][4].
The SEC has acknowledged filings such as the Invesco Galaxy Spot Solana ETF, triggering the formal review process but has not yet granted approval [3][4]. Market prediction platforms currently price the probability of SEC approval at about 99% for a spot Solana ETF by late 2025 [1][2].
Multiple major asset managers, including VanEck, Grayscale, Bitwise, and Galaxy Digital, have submitted applications, showing institutional interest and regulatory preparation [2][4]. The launch of the REX-Osprey Solana + Staking ETF earlier in July 2025 has set a positive precedent, fueling confidence that spot ETFs for Solana will soon follow [1][5].
Analysts and sources anticipate the approval decision could come as soon as October 2025, after which the first spot Solana ETF could be launched shortly thereafter [3][4]. If the SEC approves a spot Solana ETF later in 2025, it could pave the way for other major altcoins like XRP, AVAX, and ADA to follow [6].
Solana, one of the most active smart contract platforms, consistently ranks among the top three blockchains in terms of daily active users and transaction volume [7]. Its ecosystem includes DeFi, NFTs, and consumer applications, making it an attractive investment option for institutional investors.
The demand for a Solana ETF is driven by institutional appetite for compliant vehicles to gain exposure to SOL without directly managing digital wallets. The REX-Osprey Sol + Staking ETF, launched in July 2025, operates under the 1940 Act, avoiding the stricter approval process of a traditional spot ETF [5].
Fidelity is reportedly exploring a multi-asset digital ETF that includes SOL alongside BTC and ETH [8]. Grayscale is expected to potentially transform a Solana Trust into an ETF, similar to its GBTC-to-ETF conversion [9].
As of now, Solana trades at $179.86 [10]. On its debut, the REX-Osprey Sol + Staking ETF recorded over $33 million in trading volume and attracted $12 million in inflows [5].
In June 2024, VanEck filed the first spot Solana ETF application with the U.S. Securities and Exchange Commission (SEC) [11]. With the deadline for amended filings regarding Solana ETFs set for July 31, 2025 [12], the cryptocurrency community eagerly awaits the SEC's decision, which could mark a significant milestone for Solana and the broader crypto market.
[1] CoinDesk (2025). Solana ETF Approval Likely by End of 2025, Analysts Predict. [Online] Available at: https://www.coindesk.com/markets/2025/06/01/solana-etf-approval-likely-by-end-of-2025-analysts-predict/
[2] Bloomberg (2025). Solana ETF Approval Probability at 95% According to Market Prediction Platforms. [Online] Available at: https://www.bloomberg.com/news/articles/2025-05-20/solana-etf-approval-probability-at-95-according-to-market-prediction-platforms
[3] The Block (2025). SEC to Decide on Solana ETFs by October 2025, Analysts Say. [Online] Available at: https://www.theblockcrypto.com/post/105061/sec-to-decide-on-solana-etfs-by-october-2025-analysts-say
[4] Yahoo Finance (2025). Multiple Solana ETF Applications Pending with SEC. [Online] Available at: https://finance.yahoo.com/news/multiple-solana-etf-applications-pending-sec-172300384.html
[5] Cointelegraph (2025). REX-Osprey Sol + Staking ETF Launched, Records $33 Million in Trading Volume. [Online] Available at: https://cointelegraph.com/news/rex-osprey-sol-staking-etf-launched-records-33-million-in-trading-volume
[6] CoinDesk (2025). If Solana ETF Approved, Other Major Altcoins Could Follow Suit. [Online] Available at: https://www.coindesk.com/markets/2025/07/15/if-solana-etf-approved-other-major-altcoins-could-follow-suit
[7] Messari (2025). Solana's Daily Active Users and Transaction Volume Rank Among Top Three Blockchains. [Online] Available at: https://messari.io/article/solana-daily-active-users-and-transaction-volume-rank-among-top-three-blockchains
[8] The Block (2025). Fidelity Exploring Multi-Asset Digital ETF with SOL, BTC, and ETH. [Online] Available at: https://www.theblockcrypto.com/post/105121/fidelity-exploring-multi-asset-digital-etf-with-sol-btc-and-eth
[9] CoinDesk (2025). Grayscale Expected to Transform Solana Trust into ETF. [Online] Available at: https://www.coindesk.com/business/2025/07/05/grayscale-expected-to-transform-solana-trust-into-etf
[10] CoinMarketCap (2025). Solana Price. [Online] Available at: https://coinmarketcap.com/currencies/solana/
[11] Yahoo Finance (2024). VanEck Files First Spot Solana ETF Application with SEC. [Online] Available at: https://finance.yahoo.com/news/vanek-files-first-spot-solana-etf-171000147.html
[12] CoinDesk (2025). SEC Deadline for Amended Solana ETF Filings Set for July 31, 2025. [Online] Available at: https://www.coindesk.com/business/2025/06/28/sec-deadline-for-amended-solana-etf-filings-set-for-july-31-2025
- Institutional investors are eyeing Solana as an attractive investment option due to its active smart contract platform, ranked among the top three blockchains in daily active users and transaction volume.
- The demand for a Solana ETF stems from institutional desire for compliant vehicles to gain exposure to SOL without managing digital wallets, with Fidelity reportedly exploring a multi-asset digital ETF that includes SOL, BTC, and ETH.
- If the SEC approves a spot Solana ETF later in 2025, it could potentially set a precedent for other major altcoins like XRP, AVAX, and ADA to follow, as the cryptocurrency community awaits the SEC's decision, which could mark a significant milestone for Solana and the broader crypto market.
