Solana ETF Guide: What’s Live, What’s Pending, and How to Choose

Inspired by the approval of Bitcoin and Ethereum ETFs, the race for a U.S. Solana ETF has moved faster than most expected. Bitwise launched BSOL, the first spot Solana ETP in the United States, on NYSE in October 2025. Morgan Stanley filed to launch its own Solana ETF in January 2026.

And by March 2026, the SEC had begun formal rule-change reviews for additional spot SOL ETF applications from Cboe BZX and NYSE Arca. So are Solana ETFs just around the corner? For some investors, they are already here.

Quick Snapshot (as of 2026):

• First U.S. spot Solana ETP: BSOL by Bitwise, live on NYSE since October 2025
• Firms with active SEC filings: VanEck, 21Shares, Canary Capital, Morgan Stanley
• SEC formal review status: Rule-change notices published March 2026
• Global approvals: Brazil (August 2024), Canada (Evolve SOLA), Europe (various ETPs)
• JPMorgan projection: $3 to $6 billion in inflows within the first year of broad U.S. approval

The Status of Solana ETFs

Exchange traded funds (ETFs) can be a great way for investors to earn profit from the performance of digital assets without buying these assets directly. This opens the floodgates for traditional investors to invest in crypto.

The U.S. Solana ETF landscape shifted significantly in late 2025 and into 2026. Bitwise launched BSOL, the first spot Solana ETP in the United States, on NYSE on October 28, 2025. BSOL aims to stake 100% of its assets in-house, meaning investors may benefit from staking rewards built directly into the fund. By January 2026, Morgan Stanley had filed to launch its own Bitcoin and Solana ETFs, signaling that major Wall Street banks are entering the space.

In March 2026, the SEC began formal rule-change reviews for spot SOL ETF applications filed by Cboe BZX and NYSE Arca, setting the stage for additional approvals. Investors looking for early exposure can also still access Grayscale Solana Trust (GSOL) as an ETF-like product. Multiple other asset managers including VanEck, 21Shares, and Canary Capital have active filings under review.

Solana ETFs and ETPs Available Right Now

You do not have to wait for a full SEC-approved spot Solana ETF to gain SOL exposure through a regulated product. Here is a comparison of what is currently available or actively under review:

👉 Quick takeaway: Only Bitwise and Grayscale products are currently live in the U.S. market. Multiple spot ETF applications remain under SEC review, with Morgan Stanley’s January 2026 filing signaling growing institutional interest.

Note: Fee structures for pending applications are subject to change. Check issuer websites and NerdWallet’s Solana ETF roundup for the most current fee data.

What is Solana?

Solana is a high-performance blockchain network providing developers with a fast, scalable, and cost-efficient solution for building decentralized applications.

Launched in 2020, the project has been steadily holding top positions by market cap. 

The network is purportedly capable of processing up to 65,000 transactions per second, with fees typically equaling a fraction of a cent.

This has attracted many developers to build a robust ecosystem of Dapps. According to DefiLlama, Solana’s total value locked (TVL) has continued to grow significantly. Check DefiLlama’s live Solana dashboard for the most current TVL figure, as this number changes with market conditions.

How Does Staking Inside a Solana ETF Work?

One of the most distinctive features of BSOL is its in-house staking model. Here is how it works and why it matters for investors:

1. The fund holds actual SOL tokens.
2. Bitwise stakes those tokens directly using its own infrastructure rather than outsourcing to third-party validators.
3. Staking rewards generated by the network are retained within the fund, potentially increasing the net asset value over time.
4. Investors do not need to manage wallets, validators, or private keys.

What are the risks? Staked assets may be subject to slashing penalties if a validator behaves incorrectly. There may also be liquidity constraints if assets are locked in staking periods. Bitwise discloses these risks in its legal documentation.

For comparison, a traditional spot ETF (like the pending VanEck or 21Shares products) would hold SOL without staking, meaning investors capture price appreciation but not staking yield. The staking yield on Solana has historically ranged from approximately 5% to 8% annually, though this varies with network conditions.

What Stood in the Way of a Solana ETF Approval — And What Changed

The path to a U.S. Solana ETF was not straightforward. The SEC rejected earlier filings in December 2024 and had previously categorized Solana as a security in litigation against major crypto exchanges, which created significant legal uncertainty. Bloomberg Intelligence analyst James Seyffart predicted at the time that Solana ETFs were unlikely before 2026.

That timeline proved accurate, but the regulatory climate shifted faster than many expected. With a more crypto-friendly SEC leadership under Paul Atkins, the agency moved from rejection to formal review. By October 2025, Bitwise had received the go-ahead to launch BSOL, the first U.S. spot Solana ETP. By March 2026, the SEC had published formal rule-change notices for additional spot SOL ETF applications, indicating that a broader wave of approvals may be closer than the market previously anticipated. Regulatory and litigation uncertainty has not fully resolved, and approvals for the remaining pending applications are not guaranteed.

The SEC Approval Timeline: Where Things Stand in 2026

Here is a simplified timeline of how the U.S. Solana ETF landscape has evolved:

• August 2024: Brazil approves the first spot Solana ETF globally.
• December 2024: SEC rejects earlier U.S. Solana ETF filings.
• February 2025: SEC acknowledges Grayscale’s Solana ETF application, triggering a formal review clock.
• Early 2025: VanEck, Bitwise, and Canary Capital file updated applications.
• October 28, 2025: Bitwise launches BSOL on NYSE, becoming the first U.S. spot Solana ETP.
• January 6, 2026: Morgan Stanley files to launch Bitcoin and Solana ETFs.
• March 2026: SEC publishes formal rule-change notices for Cboe BZX and NYSE Arca to list and trade spot SOL ETFs.
• Ongoing 2026: Multiple applications under active review; approvals not guaranteed but regulatory momentum is the strongest it has been.

What comes next? Analysts and market trackers note that 2026 remains the most plausible window for broader spot SOL ETF approvals, though the exact timeline depends on regulatory rulings and any ongoing litigation.

The Global Solana ETF Landscape

Brazil was the first country to approve a spot Solana ETF, doing so in August 2024. That milestone sparked global investor interest and demonstrated that regulators outside the U.S. were willing to move first on altcoin ETFs.

Since then, the global landscape has expanded. Evolve ETFs offers SOLA, a Solana ETP listed on the Toronto Stock Exchange in Canada. European investors have access to Solana ETPs through various exchange-traded products listed on European exchanges. These non-U.S. products have helped establish proof of concept and built institutional comfort with SOL-linked fund structures ahead of the U.S. market catching up.

The U.S. market, historically the largest and most influential for crypto ETF adoption, is now actively catching up. BSOL on NYSE represents the first foothold, and broader spot ETF approvals could significantly expand retail and institutional access to Solana in the world’s largest capital market.

If broader U.S. spot Solana ETF approvals come through, JPMorgan analysts have predicted the platform could attract $3 to $6 billion in inflows within the first year.

How to Choose Between Available Solana ETF and ETP Options

If you want SOL exposure through a regulated product today, here is a simple decision framework:

Do you want a product that is already live in the U.S.?

• Yes: Consider BSOL (Bitwise, NYSE) or GSOL (Grayscale Trust, OTC).
• No preference: Consider SOLA (Evolve, TSX) if you have access to Canadian markets.

Do you want staking rewards built into the fund?

• Yes: BSOL aims to stake 100% of its assets in-house.
• No: GSOL and most pending spot ETFs do not include staking.

Are you comfortable with OTC markets vs. major exchanges?

• Major exchange (NYSE): BSOL.
• OTC: GSOL.

Are you willing to wait for a fully SEC-approved spot ETF from a major bank?

• If yes: Monitor filings from VanEck, 21Shares, and Morgan Stanley for approval updates.

Always compare expense ratios and fee structures before investing. NerdWallet’s 2026 Solana ETF roundup provides current fee comparisons across available products.