Understanding a spot Solana ETF
A spot Solana ETF is an exchange-traded fund that directly invests in Solana (SOL), the sixth-largest cryptocurrency by market capitalization.
In the past year, the Securities and Exchange Commission approved the first spot Bitcoin ETFs and spot Ethereum ETFs. Solana is expected to be the third cryptocurrency included in ETFs once the SEC resumes operations after the government shutdown.
Although not the most valuable cryptocurrency, Solana’s unique features have attracted investor attention.
Solana utilizes a proof-of-stake system for transaction validation, which is more energy-efficient than Bitcoin’s proof-of-work mining system. Through staking, Solana holders can earn passive income, similar to dividends or interest payments. Some proposed Solana ETFs may offer staking yields to investors or reinvest staking income for higher returns.
Additionally, the Solana blockchain hosts various cryptocurrency projects besides its native Solana token. Several meme coins, including the controversial TRUMP Coin launched by President Donald Trump, operate on the Solana blockchain.
Overview of 7 proposed spot Solana ETFs and their fees
As of the latest update, seven ETF issuers have submitted registration statements with the SEC for a spot Solana ETF. Four have disclosed proposed fees, listed below from lowest to highest.
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Bitwise Solana Staking ETF (BSOL) |
Fee waived for the first three months of trading or the first $1 billion in fund assets. |
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Grayscale Solana Trust (GSOL) |
Already available on OTC markets. |
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Canary Marinade Solana ETF (SOLC) |
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21Shares Solana ETF (TSOL) |
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Franklin Solana ETF (SOEZ) |
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Fidelity Solana Fund (FSOL) |
The fund may have two different percentage fees: an expense ratio and a “staking fee.” |
Source: SEC EDGAR system. Data is current as of Oct. 20, 2025, and is intended for informational purposes only.
Expected Approval Timeline for Solana ETFs
One proposed Solana ETF, the 21Shares Solana ETF, has received provisional approval from the SEC. However, final approval is pending a review post government shutdown. Other proposed Solana ETFs are at different stages of the approval process and will require multiple authorizations before they can begin trading.
The duration of the shutdown remains uncertain. As of now, the shutdown has lasted three weeks, with the Senate voting multiple times on resolutions to end it without success. This shutdown is the third-longest in U.S. history, with the longest spanning 34 days in late 2018 to early 2019.
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