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- Solana ETF filings push Marinade Finance as exclusive staking provider promising quicker redemption liquidity.
- Custody split across hot and cold wallets with investors warned of validator risk failures.
Franklin Templeton, VanEck, and Canary Capital have each refiled amended S-1 forms with the U.S. Securities and Exchange Commission, marking the latest step in their efforts to launch Solana exchange-traded funds. These submissions highlight consistent engagement between issuers and regulators.
The revised filings highlight Marinade Finance as the exclusive staking provider for at least two years. Most Solana assets within the trusts will be allocated to Marinade, which offers an instant unbonding feature that allows faster liquidity for redemptions compared to standard Solana network cycles.
Staking rewards generated through Marinade will be reinvested after fees to increase the trust’s net asset value. This mechanism mirrors earlier ETF drafts but carries expanded details on how returns will be used to benefit holders of the products.
Filings Expand on Custody and Risk Factors
Custody arrangements have been laid out in more detail. Solana tokens will be stored in hot and cold storage with the custodian maintaining sole control of private keys. Investors will not possess tokens directly but the filings mention risks related to custody, failure of the validators, outages or potential penalties from network slashing.
The filing also has transparency provisions as well. The trust’s website will reveal the daily net asset value, entire holdings and pricing details with premiums and discounts. The disclosure approach is in line with formats followed in previous digital asset ETFs.
Risk factors specified in the amendments have increased considerably. Along with validator and outage issues, the filings state that the trust can abandon forks or airdrops. Tax status is another important update. The funds pursue grantor trust status under the tax code of the United States but the filings openly express doubt regarding the taxation of the rewards of staking by the Internal Revenue Service.
ETF Hopes Push Solana Toward $300 Mark
At the same time, market sentiment for approval is overwhelmingly bullish. On forecasting platform Polymarket, the chances of a Solana ETF being approved before the end of 2025 are at 99%, rising sharply from 72% in May.
Solana’s technical enhancements also support institutional demand. As CNF recently noted that the Alpenglow upgrade boasts throughput above 65,000 transactions per second with finality under 150 milliseconds and addresses scalability concerns that previously constrained institutional adoption.
At the moment, Solana’s native token SOL is at $203 with a loss of 1.61% in the past 24 hours. Despite the decline, analysts at CNF maintain a bullish outlook, anticipating that Solana will breach the $300 mark in the near future.
