The Solana Surge Ahead? Crypto Markets Bet on October ETF Green Light for Staking-Powered Growth

TradingKey - More than two months after the first Solana-based staking ETF launched, multiple SOL staking ETFs are now on the verge of a regulatory breakthrough — with approval expected in October, just as the crypto market emerges from a recent wave of liquidations.

Nate Geraci, President of NovaDius Wealth Management, said on Friday, September 26, that several Solana staking ETF applications could receive U.S. regulatory approval by mid-October, following the submission of updated regulatory filings.

Geraci noted that asset managers including Franklin, Fidelity, CoinShares, Bitwise, Grayscale, VanEck, and Canary have recently filed amended S-1 forms for spot SOL ETFs, many of which include staking functionality.

In early July, the REX-Osprey SOL + Staking ETF began trading — becoming the first U.S.-listed ETF to combine spot Solana exposure with on-chain staking rewards. On its debut day, it saw $33 million in trading volume and $12 million in inflows.

While its scale and momentum still trail behind Bitcoin and Ethereum ETFs, the crypto community remains optimistic about Solana’s institutional adoption. 

Pantera Capital believes SOL is approaching its “institutional moment.” Compared to Bitcoin, institutions remain underallocated to Solana.

Following the Fed’s September rate cut, the broader crypto market weakened, with billions in long positions liquidated and sentiment cooling significantly from early-month highs. The approval of additional crypto ETFs could serve as a new catalyst to reignite investor interest.

Geraci emphasized that October could be pivotal for the crypto market, not only due to potential ETF approvals but also because of developments such as the Hyperliquid ETF filing and progress toward an SEC-approved universal listing standard for crypto ETFs.

Hunter Horsley, Chief Investment Officer at Bitwise, pointed to strong demand seen in Europe, where the firm’s Bitwise Solana Staking ETP attracted $60 million in inflows over five days, saying:

“Solana on people’s minds.”

As of September 28, Solana (SOL) traded at $202.39, down over 15% in the past seven days.