4 Minutes
Institutional interest in Solana grows as BlackRock waits
While major asset managers race to file for spot Solana ETF products, BlackRock has not yet submitted a proposal for a spot Solana ETF. Firms such as Fidelity, Franklin Templeton and Bitwise recently updated S-1 filings for spot Solana ETFs — some explicitly including staking features — signaling growing institutional momentum around Solana (SOL) as an investable altcoin.
Recent filings and what they mean for the market
Updated S-1 filings for spot Solana ETF products indicate that large fund families are positioning to offer direct exposure to SOL via regulated exchange-traded funds. Several filings include language that contemplates staking or staking-like mechanics, a development that could make spot Solana ETFs more attractive to long-term institutional investors seeking yield in addition to price exposure.
Key players and regulatory timeline
ETF analyst Nate Geraci has suggested the U.S. Securities and Exchange Commission (SEC) could approve some of these spot Solana ETFs by mid-October, a milestone month for digital asset product approvals. If regulators greenlight these products, it would mark a major step in broader institutional adoption of Solana and crypto ETFs more generally.
Market response and first-day flows
The filings come after the recent listing of the REX-Osprey Solana Staking ETF on the Cboe BZX Exchange, which reported roughly $12 million in first-day inflows. That early demand highlights investor appetite for regulated Solana exposure and staking-enabled product structures. Analysts also note healthy inflows into Europe-based Solana ETPs, reinforcing the narrative that institutions and wealth managers are increasingly allocating to Solana.
Staking language could influence Ethereum ETF strategies
Observers including Geraci believe that the inclusion of staking provisions in Solana ETF filings could pave the administrative and legal pathway toward spot Ethereum ETFs that incorporate staking functions. Given Ethereum’s transition to proof-of-stake, staking-enabled ETF designs could become a critical differentiator for asset managers competing to capture institutional and retail inflows into spot Ethereum products.
Context: Bitcoin ETPs and ETF dominance
While attention focuses on Solana and potential staking-enabled spot products, Bitcoin exchange-traded products continue to dominate the digital asset ETF landscape. Bitcoin ETPs and ETFs now collectively hold more than 1.47 million BTC — roughly 7% of total bitcoin supply — underscoring the scale and institutional confidence in spot crypto investment vehicles.
Top holdings and market share
According to data from HODL15Capital, BlackRock’s IBIT remains the largest single holder among U.S. Bitcoin ETFs with 746,810 BTC. Fidelity’s FBTC follows with nearly 199,500 BTC. These dominant positions show how U.S.-based ETFs have centralized much of the market’s institutional BTC exposure, even as managers prepare new products for alternative chains like Solana and Ethereum.
What investors should watch next
Investors tracking the development of spot Solana ETFs should monitor several indicators: SEC communications and approval timelines (October is widely cited as pivotal), detailed staking mechanics in S-1 filings, early inflows for newly launched products, and comparative performance between Solana ETPs in Europe and proposed U.S. ETFs. Institutional adoption of Solana through regulated ETFs would be a notable step in crypto markets, potentially influencing liquidity, custody solutions, and on-chain staking activity.
In summary, Solana is rapidly emerging as the next altcoin of institutional interest, with multiple asset managers filing for spot Solana ETF exposure and experimentation around staking features. BlackRock’s absence from the Solana ETF filings is notable but not necessarily final; with the SEC’s timeline and market demand evolving, the next several weeks could reshape ETF offerings across SOL, ETH, and BTC markets.
Source: cryptonews
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