The Great Solana ETF Derby: A Technocrat’s Playbook

VanEck’s First-Mover Gambit

VanEck placed its bet early—filing precisely when SEC was busy labeling SOL as security. Their ‘first-to-file’ advocacy smells like desperation wrapped in innovation theater. Fun fact: Their European ETP uses Kiln for staking. Because nothing says decentralization like outsourcing custody.

21Shares & The Cboe Chess Move

Following within 48 hours, 21Shares opted for Cboe BZX listing with token-in-kind redemptions—a rare win for crypto purists. Though their EU prospectus still lists Coinbase as staking provider (irony meters exploding).

Canary Capital’s Altcoin Spray-and-Pray

The dark horse filing during US election week has applications spanning SUI to PENGU tokens (yes, that’s a thing). Either they’re playing 4D marketing or secretly know something about SEC’s meme coin tolerance.

Bitwise’s Political Timing

CEO Hunter Horsley called Solana “an incredible emerging asset” right after Trump’s victory. Their Marinade-powered staking ETP might just be the Trojan horse if US approves yield-bearing ETFs.

Key Regulatory Flashpoints

• Staking requirements imposed by SEC
• GSOL trading at premium despite delays
• Fidelity’s retirement account dominance as wildcard

(Full analysis continues with Grayscale conversion risks, Franklin Templeton’s $1.5T muscle, and why CoinShares joining last-minute changes everything.)