Progress Toward Approval of Solana Spot ETF as Multiple Firms Submit Revised S-1 Documents to the SEC

Following requests from the U.S. Securities and Exchange Commission (SEC), several asset management firms submitted revised S-1 documents for a Solana (SOL) spot ETF last Friday. Franklin Templeton, Galaxy Digital, and VanEck were among those who filed updated documents, advancing the procedures for ETF approval. On the same day, Fidelity also made its initial submission of the S-1 document for a Solana fund. According to insiders, this marks the company's first application for a Solana spot ETF, with expectations also set for BlackRock's entry. Earlier this week, the SEC had requested updates to the S-1 documents from firms applying for the Solana ETF, including amendments related to physical redemption and policies on supporting staking features.