Progress towards the approval of Solana Spot ETF, as multiple companies revise and resubmit S-1 documents at the SEC's request.

## Document Update

In response to a request from the U.S. Securities and Exchange Commission (SEC), multiple asset management companies submitted revised S-1 documents for the Solana (SOL) spot ETF on Friday. Franklin Templeton, Galaxy Digital, and VanEck have submitted updated documents, advancing the process toward ETF approval.

On the same day, Fidelity also submitted the S-1 documents for the Solana Fund for the first time. According to sources, this is the company’s first application for a Solana spot ETF, and there are expectations for BlackRock’s entry as well.

The SEC requested earlier this week that companies applying for a Solana ETF update their S-1 documents. They sought revisions regarding the language on physical redemption and an explanation of the policy for staking functions, particularly showing a positive attitude towards the incorporation of staking revenue generation capabilities.

VanEck proposed to add a staking feature in its amended documents, allowing holders to earn staking revenue. Lobbyists continue to work towards gaining approval for ETFs with staking features on Ethereum and Solana.

Eric Balchunas, an ETF expert at Bloomberg, pointed out that the likelihood of the Solana spot ETF being approved has increased within the next 2 to 4 months. The SEC’s request for modifications suggests a rise in approval probability, and the expansion of the cryptocurrency ETF market is anticipated.

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