21Shares has submitted an amended Form S‑1 registration for its proposed Spot Solana (SOL) ETF, updating its earlier filing to comply with recent U.S. Securities and Exchange Commission guidance. The original application was first filed on June 28, 2024 under Form S‑1 for the “21Shares Core Solana ETF”.
Interestingly, the SEC introduced a new rule for ETF approvals that streamlines the process. Instead of enduring the traditional 240-day review period, crypto ETF issuers can now take a faster route by submitting a standard S-1 filing and waiting for just 75 days. If there are no objections, they can proceed with the launch, provided they meet the updated generic listing requirements.
????JUST IN: @21Shares has filed an updated version of its Spot @Solana ETF S-1 application. pic.twitter.com/qxBwfsO4hR
— SolanaFloor (@SolanaFloor) July 30, 2025
These amendments by 21Shares refine staking disclosures and in‑kind redemption mechanisms as requested by the SEC. This shows that the issuer is taking efforts to align with regulatory concerns around proof‐of‐stake protocols and redemption transparency. By updating its prospectus language, 21Shares aims to enhance clarity on how the ETF will manage staking rewards and SOL custody.
Other applicants awaiting SEC approval
The SEC has formally delayed its decision on the 21Shares proposal after waiting for the public comment period. The regulator continues to evaluate its structure and risk disclosures. This delay is in line with similar postponements for other Solana ETF applicants.
At least seven other asset managers are waiting for SEC action on spot Solana ETF proposals, including VanEck, Canary Capital, Bitwise, Grayscale (via conversion of its GSOL Trust), Fidelity, and Franklin Templeton, as well as CoinShares, which filed its own S‑1 this July. Analysts from Bloomberg Intelligence assign around 90–95% estimated odds of approval for Solana ETFs before year-end, given recent regulator requests for amendments and growing institutional interest.