CoinShares Establishes Delaware Entity for Proposed Solana ETF

- CoinShares establishes Solana ETF entity in Delaware, USA - Interpreted as a procedure aimed at approval by the US Securities and Exchange Commission (SEC) [Unblock Media] June 11, 2025 — It has been confirmed that European digital asset management firm CoinShares has registered an entity in Delaware, USA, for the launch of their proposed Solana-based Exchange Traded Fund (ETF). This information was verified through the social media accounts of PANews and Bloomberg ETF analysts, and it is interpreted as a preliminary step with the intention of submitting an S-1 filing to the US Securities and Exchange Commission (SEC) in the future. This registration takes place amidst intensifying competition to launch an ETF based on Solana. To date, major management firms such as VanEck, Franklin Templeton, Grayscale, 21Shares, and Bitwise are either preparing or have submitted drafts of S-1 documents for similar ETF applications. Delaware is often chosen for the registration of structured financial products like ETFs due to its corporate legal stability, swift registration processes, and specialized business courts. Approximately 68% of Fortune 500 companies are registered in Delaware, making it a preferred state for companies wishing to issue ETFs or trust-based products. Solana has not yet been approved as an ETF asset in the United States. However, following the recent SEC approval of the Ethereum spot ETF and the growing interest from institutional investors, there is speculation that high-performance smart contract chains like Solana might also enter into the institutional realm. ETF expert Eric Balchunas stated on his X (formerly Twitter) account, “The approval probability for a Solana ETF is lower compared to Bitcoin and Ethereum, but if market demand from institutions supports it, a turning point could quickly be reached.” He estimates the approval probability at about 30-40%. If the ETF is officially approved, the Solana network could experience effects such as increased price stability and liquidity through the influx of institutional funds, attraction of projects and expansion of the developer ecosystem, and a rise in global credibility due to the formation of a regulatory-friendly infrastructure. Additionally, with technical advantages such as fast processing speeds, low fees, and scalability, Solana has been noted as an 'alternative chain' to Ethereum. Thus, a Solana ETF could signify not just an investment vehicle but also a sign of the blockchain ecosystem's entry into the regulatory framework. Following CoinShares' registration, it may take several weeks for the SEC to accept the S-1 documents and commence the review process. Typically, the decision on ETF approval is made within 45-90 days after the submission of the S-1 documents, with the earliest approval expected between late July and early August 2025. Although this registration stage is prior to the official ETF application (SEC S-1 submission), there is growing interest in whether Solana could become the third major spot cryptocurrency ETF in the US after Bitcoin and Ethereum.