CoinShares Registers Solana ETF Amidst Utter Bureaucratic Nonsense

Absolutely! Here’s the information, rewritten in the style of Douglas Adams, presented in HTML format, and seasoned with a dash of humor and sarcasm.

Solana ETF: 90% Chance of Utter Chaos? 🤯

It is a little-known fact, possibly because it’s not actually a fact, that CoinShares, in a move of either breathtaking genius or utter madness, has registered a Solana ETF in Delaware. Yes, Delaware. A place known for… well, corporations, mostly. This daring escapade coincides with the U.S. Securities and Exchange Commission (SEC), in its infinite wisdom (or perhaps just a fit of pique), requesting updated S-1 filings. The tea leaves suggest approval is likely by the end of the year. Or maybe next Tuesday. Who can tell? 🤷

Delaware: Where ETFs Go to… Exist?

According to a filing, possibly written in triplicate and then lost in a filing cabinet for several decades, CoinShares has registered for the Solana ETF Trust. This implies, with the subtlety of a brick to the face, a potential S-1 filing with the SEC. One can only imagine the paperwork involved. Mountains of it, probably guarded by Kafkaesque bureaucrats. 😫

This move, which may or may not be significant, aligns with the SEC’s latest progress on Solana ETF approval. On Tuesday, because Tuesdays are when these things happen, the securities regulator asked potential Solana ETF issuers to file an updated S-1 form. The issuers, in a frenzy of activity usually reserved for Black Friday sales, rushed to file ETFs for altcoins, including XRP, SOL, HBAR, and SUI. The SEC, having previously approved Bitcoin and Ethereum spot ETFs, now faces the daunting task of deciding whether to let other altcoins join the party. The suspense is palpable. Or maybe it’s just indigestion. 🙄

Multiple firms, including Grayscale, Fidelity, VanEck, 21Shares, and Bitwise, have thrown their hats into the ring, filing for spot Solana ETFs amid demand from institutional clients. The SEC, in its regulatory benevolence, has asked the issuers to update language regarding in-kind redemptions and how issuers would approach staking. Because nothing is simple, is it?

Bloomberg senior ETF analyst Eric Balchunas, a man who clearly enjoys making predictions, estimates Solana ETFs could be approved within two to four months. He gives them a 90% chance of approval by the SEC. Which, in the grand scheme of things, is practically a certainty. Unless, of course, something unexpected happens. Like the Earth being invaded by Vogons. 👽

Possibly. It’s def among the most likely to be out first, but Osprey forcing their Solana 40 act filing effective may have sparked the SEC to act faster on the Solana ones .
— Eric Balchunas (@EricBalchunas) June 10, 2025

Solana Price: Up, Up, and… Maybe Away?

SOL price jumped nearly 5% in the past 24 hours, because that’s what cryptocurrencies do. The price is currently trading at $166, which is either a lot or a little, depending on your perspective. The 24-hour low and high are $156.84 and $167.24, respectively. Furthermore, the trading volume has increased by 40% in the last 24 hours, indicating a rise in interest among traders. Or possibly just bots. 🤖

Analysts, those mysterious beings who spend their days staring at charts, eye Solana to spike above the $200 psychological level first. Because numbers have feelings, apparently. This would confirm a further rally in SOL price. Meanwhile, popular analyst Ali Martinez predicted a 5x to 10x bull run if SOL price breaks above the $200 level. So, you know, no pressure. 😅

#Solana $SOL breaking above $200 could catalyze a major 5X to 10X bull run!
— Ali (@ali_charts) June 10, 2025

2025-06-11 07:49

Delaware: Where ETFs Go to… Exist?

Solana Price: Up, Up, and… Maybe Away?

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