ETF analyst James Seyffart points to how long it took for spot Bitcoin ETFs to get approved as a reason he doesnt think approval is coming imminently for spot Solana ETFs.
Seven Solana ETF applicants filed S-1 statements with the US Securities and Exchange Commission (SEC) on June 13; however, Bloomberg ETF analyst James Seyffart doubts approval will come as soon as next week.
“I think there needs to be a back and forth with the SEC and issuers to iron out details, so I doubt it. If anyone remembers the Bitcoin ETF launch, there were *A LOT* of filings over the preceding couple months before launch,” Seyffart said in a post on Friday. US-based spot Bitcoin ETFs launched in January 2024, more than ten years after crypto exchange Gemini co-founders Tyler and Cameron Winklevoss filed the first spot Bitcoin ETF application with the SEC in 2013.
“Staking language” was included in all the filings
On June 13, Fidelity Investments filed its initial S-1 registration statement for its spot Solana (SOL) ETF product, while 21Shares, Franklin Templeton, Grayscale Investments, Bitwise Investments, and Canary Capital filed S-1 amendments.
VanEck — which was the first US firm to file for a spot Solana ETF in June 2024 — was the last to submit its amended S-1 amended filing for the day.
Source: James Seyffart
Seyffart said, “All of them include staking language, I believe.” While Seyffart agreed with an X users point that “lessons learned” from past approvals could help speed up the process, referring to spot Bitcoin and Ether ETFs, he said that no such lessons apply to staking.
It comes as spot Ether (ETH) ETF products are also under review to add the long-anticipated staking feature.
Seyffart mulls idea of staking approval for spot Solana and Ether ETFs simultaneously
Seyffart said it is possible that the spot Solana ETFs “could theoretically” be launched with staking at the same time that the SEC approves staking for the spot Ether ETFs.
Related: Solana futures open interest hits $7.4B amid ETF speculation: Is $200 SOL next？
“But I have no insight into what will actually happen,” Seyffart said. On April 30, Bloomberg Intelligence boosted its estimated odds of the SEC approving a Solana ETF in 2025 to 90%.
Meanwhile, in January, Consensys founder Joe Lubin told Cointelegraph that Ether ETF issuers were hopeful that funds offering staking could “soon” be given the regulatory go-ahead.
On Tuesday, Bloomberg senior ETF analyst Eric Balchunas said, “Get ready for a potential altcoin ETF summer with Solana likely leading the way.”