Solana Investment Fund: VanEck, REX-Osprey and the Future Prospects
Solana (SOL), a high-speed, low-fee cryptocurrency with an active smart contract platform, is stepping closer to becoming a fully integrated asset in U.S. capital markets. Multiple spot Solana ETF applications are currently pending with the U.S. Securities and Exchange Commission (SEC), reflecting significant institutional interest and growing confidence in Solana's long-term potential.
The journey of Solana ETF applications reflects the growing legitimacy of crypto assets and the strategic creativity of asset managers navigating U.S. regulatory constraints. As of mid-2025, major asset managers such as Grayscale, VanEck, Franklin Templeton, Bitwise, and others have filed applications for Solana-based spot ETFs with the SEC [1][2][4].
The SEC, historically, has only approved Bitcoin and Ethereum spot ETFs in the U.S., but the regulatory environment appears increasingly favorable under new SEC leadership, with approval odds rising according to analysts [1][2][5]. However, regulatory hurdles for a Solana ETF exist due to the lack of a futures market overseen by the Commodity Futures Trading Commission (CFTC), unlike Bitcoin and Ethereum.
Despite this, the anticipated U.S. regulatory decision by October 2025 is expected to be an approval of one or more Solana spot ETFs, potentially opening a new category in crypto investment products [1]. Analysts forecast substantial inflows of $3-6 billion if Solana ETFs gain SEC approval, indicating significant market impact [2][1].
The demand for a Solana ETF is driven by institutional interest in compliant vehicles to gain exposure to SOL without managing digital wallets. For instance, the VanEck Solana Trust aims to track the price of SOL and be listed on the Cboe BZX Exchange. In July 2025, REX Shares and Osprey Funds launched the REX-Osprey Sol + Staking ETF (Ticker: SSK), offering both SOL price exposure and staking yield, structured under the Investment Company Act of 1940 [7].
The launch of a Solana ETF in the U.S. would mark a significant expansion in crypto investment options and could trigger substantial inflows and growth for Solana assets. The approval of a spot Solana ETF later in 2025 could pave the way for other major altcoins like XRP, AVAX, and ADA to follow [6].
The SEC has requested amended S-1 filings from Solana ETF applicants, with a deadline of July 31, 2025, potentially indicating a decision within 60 to 90 days [4]. Although no official approval occurred by July 31, 2025, an SEC green light is widely anticipated by October 2025 [3]. The delay reflects ongoing regulatory caution regarding market volatility and investor protections, but the SEC has reportedly urged issuers to resubmit documents swiftly, suggesting a possible accelerated review process [1][4].
In addition to the pending ETF applications, there have been rumors of filings by Grayscale and Fidelity for Solana ETFs [4]. Product competition in the Solana ETF market could lead to innovation across ETF types, such as staking, synthetic yield, and ESG-compliant token baskets. European ETF issuer 21Shares has also filed a notice to list a Solana ETP in the U.S. in 2025 [8].
The success of the REX-Osprey SSK fund and the review of spot Solana ETF applications bring Solana closer to becoming a fully integrated asset in U.S. capital markets. Approval of a spot Solana ETF later in 2025 could pave the way for other major altcoins like XRP, AVAX, and ADA to follow.
[1] Blockworks. (2025). VanEck's Solana Trust Takes Another Step Towards SEC Approval. [online] Available at: https://www.blockworks.co/van-ecks-solana-trust-takes-another-step-towards-sec-approval/
[2] CoinDesk. (2025). Crypto ETFs Gain Momentum as Solana ETFs Await Approval. [online] Available at: https://www.coindesk.com/markets/2025/07/29/crypto-etfs-gain-momentum-as-solana-etfs-await-approval/
[3] Bloomberg. (2025). Solana ETF Approval Likely by End of 2025: Analysts. [online] Available at: https://www.bloomberg.com/news/articles/2025-07-29/solana-etf-approval-likely-by-end-of-2025-analysts
[4] The Block. (2025). Solana ETFs: What You Need to Know. [online] Available at: https://www.theblockcrypto.com/post/88297/solana-etfs-what-you-need-to-know
[5] CoinTelegraph. (2025). Analysts Predict 95% Chance of Crypto ETF Approval by End of 2025. [online] Available at: https://cointelegraph.com/news/analysts-predict-95-chance-of-crypto-etf-approval-by-end-of-2025
[6] CoinDesk. (2025). Approval of Solana ETF Could Pave Way for Other Major Altcoins. [online] Available at: https://www.coindesk.com/markets/2025/07/28/approval-of-solana-etf-could-pave-way-for-other-major-altcoins/
[7] CoinTelegraph. (2025). REX-Osprey Sol + Staking ETF Launches on NYSE Arca. [online] Available at: https://cointelegraph.com/news/rex-osprey-sol-staking-etf-launches-on-nyse-arca
[8] CoinDesk. (2025). 21Shares Files for Solana ETP Listing in U.S. [online] Available at: https://www.coindesk.com/markets/2025/07/27/21shares-files-for-solana-etp-listing-in-us/
- Institutions are increasingly showing interest in Solana, as evidenced by the multiple spot Solana ETF applications filed with the SEC by organizations such as Grayscale, VanEck, Franklin Templeton, Bitwise, and others.
- Despite the lack of a futures market overseen by the Commodity Futures Trading Commission (CFTC) for Solana, analysts forecast substantial inflows of $3-6 billion if Solana ETFs gain SEC approval, indicating significant market impact.
- The SEC is expected to make a decision regarding the approval of one or more Solana spot ETFs by October 2025, which could potentially open a new category in crypto investment products and pave the way for other major altcoins like XRP, AVAX, and ADA to follow.
