SEC May Greenlight Staking in Solana and Ethereum ETFs

• Franklin and other issuers filed updated Solana ETF forms that include staking for investors.
• Analysts estimate a 90% chance of approval for the Solana ETF by mid-October 2025.
• If approved, SOL ETFs could open doors for Ethereum and other proof-of-stake products.

ETF Store president Nate Geraci tweeted about a surge of revised filings for spot Solana ETFs that has surfaced. The filings include Franklin, Fidelity, CoinShares, Bitwise, Grayscale, VanEck, and Canary, who submitted updated S-1 forms. These submissions, some marked as “Amendment No. 4”, include staking features that could allow investors to earn rewards directly through regulated funds. Geraci posted on X that approvals may arrive within two weeks, raising expectations that staking could soon be validated as part of U.S. exchange-traded funds.

Revised Filings and Regulatory Alignment

The asset managers’ revised S-1 forms mirror suitable adjustments that appease the Securities and Exchange Commission’s regulatory requirements. These amendments were made available as early as August 29, 2025, implying a continuous engagement between issuers and regulators. Analysts predict approvals of the majority of applications in mid-October 2025 with a 90% probability.

The updated filings also arrive under the SEC’s recently adopted “generic listing standards.” These rules shorten the approval timeline for commodity-based ETFs, including those tied to cryptocurrencies, from 240 days to 75 days in straightforward cases. This regulatory shift has accelerated market entry for Solana ETFs, reducing barriers that previously slowed similar filings. Such disclosures are part of the SEC’s necessary process before approving. 

Staking as a Core Feature

The most noteworthy feature of these filings is staking, a method by which investors earn rewards for helping to secure the Solana blockchain. These rewards are similar to the Ethereum model of staking, whereby the participants earn additional income by engaging in proof-of-stake activities.

By incorporating staking into the ETF structures, managers intend to increase the attractiveness of their offerings for Solana from both the retail and institutional sides. Geraci called that a “positive sign” for future Ethereum ETFs with staking enabled, indicating that the SEC might be warming up to yield-generating elements within ETF design.

The mechanism developed beyond REX-Osprey ETFs is expected to roll out on September 25, 2025. These ETFs fork monthly staking rewards. The Ethereum proof-of-stake network has already demonstrated that these rewards yield steady returns in a regulated environment.

Related: Solana ETF Approval Could Come by September: Here’s Why

Market Momentum and Broader Implications

The broader crypto market climate adds weight to the filings. With Solana gaining 30% in 2024, the prospect of launching SOL-based ETFs has only increased investors’ interest. The spike in filings also coincides with several other regulatory milestones surrounding spot ETFs for XRP/DOGE and Vanguard’s reversal on crypto ETFs.

The SEC’s approach, which was, until recently, against staking, is indicative of a shift in regulatory attitude. The commission’s objections to staking were basically on grounds such as validator centralisation, custody, and reward classification; now, however, the SEC appears slightly more open. The fact that the staking proposal has been dovetailed into the ETF proposals certainly supports this converse and indicates a rising institutional interest.

If Solana ETFs do indeed get approved, it is in effect endorsing staking as a legitimate investment feature and thus setting a precedent for extending staking-enabled ETFs to other proof-of-stake networks. Thus, it opens up the possibility of staking-enabled ETFs for Ethereum and possibly for Cardano, Polkadot, or other blockchain platforms.

The high rate of filings, combined with streamlined approvals, indicates that crypto ETFs are entering a new phase. The current wave shows a move beyond simple price exposure toward yield-aware, regulated instruments. Approval would confirm staking as a legitimate mechanism inside U.S. ETFs and reshape how investors engage with proof-of-stake assets.

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