Seven spot Solana ETFs are poised for SEC approval following the government shutdown, offering investors fees as low as 0.20% and introducing the third cryptocurrency to the ETF market after Bitcoin and Ethereum.

Understanding Spot Solana ETFs

A spot Solana ETF represents an exchange-traded fund that directly invests in Solana (SOL), currently the sixth-largest cryptocurrency by market capitalization. These funds will provide investors with regulated exposure to Solana without requiring direct cryptocurrency ownership.

Why Solana Stands Out

Solana utilizes a proof-of-stake validation system that consumes significantly less energy than Bitcoin's mining process. This allows holders to generate passive income through staking rewards, similar to traditional dividend payments. Several proposed ETFs plan to pass these staking yields directly to investors.

The Blockchain's Broader Ecosystem

Beyond its native token, the Solana blockchain hosts numerous cryptocurrency projects, including popular meme coins. Notable examples include the controversial TRUMP Coin launched by President Donald Trump in early 2025, demonstrating the platform's role as infrastructure for diverse crypto assets.

Complete ETF Fee Comparison

Seven ETF issuers have filed registration statements with the SEC for spot Solana ETFs. Four have disclosed their proposed fee structures, listed from lowest to highest:

Disclosed Fee Structures

Bitwise Solana Staking ETF (BSOL) leads with a 0.20% expense ratio, featuring a promotional fee waiver for the first three months of trading or until the fund reaches $1 billion in assets.

VanEck Solana ETF (VSOL) charges 0.30% annually with no additional promotional offerings announced.

Grayscale Solana Trust (GSOL) carries a 0.35% fee and uniquely offers current availability on over-the-counter markets before formal ETF launch.

Canary Marinade Solana ETF (SOLC) represents the highest disclosed fee at 0.50%.

Pending Fee Announcements

Three major issuers have yet to reveal their fee structures: 21Shares Solana ETF (TSOL), Franklin Solana ETF (SOEZ), and Fidelity Solana Fund (FSOL). Notably, Fidelity indicates their fund may implement dual fees comprising both an expense ratio and a separate staking fee.

History suggests a last-minute fee war is likely. When Bitcoin and Ethereum ETFs approached approval, issuers engaged in rapid fee-slashing amendments, sometimes filing competitive reductions within hours of each other.

Approval Timeline and Government Shutdown Impact

The 21Shares Solana ETF has achieved provisional SEC approval but requires final regulatory review before trading can commence. This final review process remains frozen during the ongoing government shutdown, now entering its third week.

Shutdown Context

The Senate has voted nearly a dozen times on shutdown resolution proposals without success. At current duration, this ranks as the third-longest government shutdown in U.S. history. The longest shutdown spanned 34 days from late 2018 to early 2019.

Other proposed Solana ETFs trail behind in the approval pipeline and will require multiple regulatory clearances before launching post-shutdown. The timing of both the shutdown's resolution and subsequent ETF launches remains uncertain.

Alternative Solana Investment Methods

Investors unwilling to wait for government reopening and ETF approvals have several existing options for Solana exposure, each with distinct characteristics and tradeoffs.

Futures-Based ETF Options

Currently available futures-based Solana ETFs provide indirect exposure through Solana futures contracts. The VolatilityShares Solana ETF (SOLZ) attempts to track Solana's daily returns with a 1.15% expense ratio, while the ProShares Ultra Solana ETF (SLON) targets twice Solana's daily returns at 2.14% annual cost.

These products typically charge substantially higher fees than proposed spot ETFs and may experience significant return divergence from actual Solana performance due to their futures-based methodology and daily rebalancing requirements.

Direct Futures Trading

The Chicago Mercantile Exchange launched Solana futures contracts in March 2025, now accessible through numerous futures brokers. However, futures trading demands specialized knowledge and risk management skills, presenting a steep learning curve with potential for substantial losses.

Direct Cryptocurrency Purchase

Purchasing Solana tokens directly through cryptocurrency exchanges offers several advantages over ETF investment, including zero expense ratios and complete control over staking decisions. Investors determine staking duration, validator selection, and reward utilization without fund manager intermediation.

Solana's price demonstrates considerable volatility—throughout 2025, the token has reached peaks above $250 while falling to lows near $100, creating opportunities and risks for active traders.

Market Impact Considerations

Whether Solana ETF launches will boost SOL prices remains speculative. Historical precedent from Ethereum offers mixed signals: spot Ethereum ETFs began trading in July 2024, and while Ether prices sit approximately 20% higher today, the journey included significant volatility.

Ethereum actually experienced substantial price declines in the months immediately following ETF launches, with 2025 periods showing the cryptocurrency down over 50% from its ETF launch-day price before recovering.

Investor Advantage

Many retirement accounts restrict direct cryptocurrency purchases but permit ETF investments. Spot Solana ETFs could solve this accessibility problem, enabling IRA and 401(k) holders to gain regulated Solana exposure within tax-advantaged accounts.

Fee War Expectations

Investors should verify current fees directly with issuers before purchasing, as rapid amendments are anticipated once SEC approvals begin processing. The Bitcoin and Ethereum ETF launch cycles demonstrated that competitive pressure drives frequent fee reductions, with issuers filing multiple amendments in single days.

Fee structures published before official launch dates may not reflect final costs, making issuer website confirmation essential for accurate expense information.