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The US Securities and Exchange Commission has made a “notable” step toward approving spot Solana exchange-traded funds in the US after acknowledging Grayscale’s amended application — in what analysts say is a first for SOL ETFs. <\/p>\n
“This is actually newsworthy because the SEC had refused to do this in recent filing attempts for SOL,” Bloomberg ETF analyst James Seyffart said<\/a> of Grayscale’s Feb. 6 amended 19b-4 filing<\/a> for a spot Solana (SOL<\/a>) ETF.<\/p>\n Fellow Bloomberg ETF analyst Eric Balchunas said<\/a> it was a “notable” development, adding: “We are now in new territory, albeit just a baby step, but seemingly the direct result of leadership change.”<\/p>\n The SEC reportedly refused these spot Solana ETFs<\/a> under Gensler’s watch because they believed they were incorrectly filed as commodity trust shares, finance lawyer Scott Johnsson explained.<\/a><\/p>\n Source: <\/em>Scott Johnsson<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n In January, Seyffart said it may take until 2026<\/a> for the SEC to approve a spot Solana ETF, and that the review process was further complicated by ongoing lawsuits against the likes of Binance and Coinbase<\/a>, which alleges SOL constitutes an unregistered security. <\/p>\n “The SEC’s Division of Enforcement is calling Solana a security, which prevents other SEC divisions from analyzing it for a commodities ETF wrapper,” Seyffart said at the time. <\/p>\n The final deadline for Grayscale’s spot Solana ETF application is now around Oct. 11, Seyffart said. <\/p>\n A spree of crypto ETF filings has hit the SEC’s desk over the last few weeks as ETF issuers test which products could be approved<\/a> under the Mark Uyeda-led SEC.<\/p>\n 21Shares, Bitwise, VanEck and Canary Capital are also in the running to list spot Solana ETF after Cboe BZX Exchange refiled 19b-4s<\/a> on their behalf on Jan. 28, while Bitwise even proposed to list a spot Dogecoin (DOGE<\/a>) ETF on the same day.<\/p>\n Cboe BZX also filed forms for Canary Capital, WisdomTree, 21Shares and Bitwise to list a spot XRP (XRP<\/a>) ETF in the US on Feb. 6.<\/p>\n The SEC on Feb. 6 acknowledged<\/a> Grayscale’s 19b-4 filing to list a spot Litecoin (LTC<\/a>) ETF, which Seyffart believes is next in line to win SEC approval, following Bitcoin and Ethereum.<\/p>\n The Bloomberg ETF analysts hold this view because Canary’s S-1 filing for a spot Litecoin ETF is already being actively reviewed<\/a> by the regulator, while applicants for other crypto ETFs have been slower to submit their S-1s.<\/p>\n Related:<\/strong><\/em> Inside Trump’s crypto agenda: Memecoins, SEC task force and Bitcoin reserve plans<\/strong><\/em><\/a><\/p>\n Financial services firm JPMorgan estimated an approved spot Solana ETF could attract between $3 billion and $6 billion<\/a> in net assets over the first year — a prediction Balchunas said<\/a> was a fairly “reasonable guess.”<\/p>\n Predictions market platform Polymarket estimates there’s a 39% chance that a spot Solana ETF will be approved by the SEC before July 31.<\/p>\n Betting markets on the odds of a spot Solana ETF approval in the US by July 31. Source:<\/em> Polymarket<\/em><\/a><\/p>\n<\/figcaption><\/figure>\nLitecoin still looks like it’s next in line<\/strong><\/h2>\n