Despite the Delaware registration, the Canary Marinade Solana ETF has not yet received SEC approval. The agency has postponed its review, establishing July 24, 2025, as the proposed deadline for a decision. The SEC has similarly delayed its decisions on multiple comparable filings, indicating the intricate nature of crypto ETFs that include staking.
Earlier in June, analysts estimated that the chances of a Solana ETF being approved by the end of 2025 are nearly 79%. This optimism is linked to Solana’s classification as a commodity and the presence of an active futures market. However, no decision is confirmed, and further extensions remain possible.
At least nine asset managers—VanEck, 21Shares, Bitwise, and Grayscale among them—have filed for spot Solana ETFs. VanEck’s earliest request to list a Solana Staking ETP was filed in the United States in 2024, followed by 21Shares, which introduced a similar product in Europe. Grayscale intends to change its trust into an ETF. The increase in filings reflects growing institutional interest in Solana-linked financial products.