The SEC is taking a closer look at four new Solana ETF applications, and the rumor mill is going wild! Could this be the year we finally see a Solana ETF hit the market?
Let’s get it started
The SEC officially acknowledged the applications from Canary Capital, VanEck, 21Shares, and Bitwise.
This kicks off the review process, giving the SEC 21 days to decide whether to approve, reject, or delay.
Delays are typical, but some analysts are optimistic that 2025 could be the year for Solana and other altcoins.
But here’s the twist, some market experts think Litecoin and Dogecoin ETFs might actually get the green light before Solana or XRP.
Bloomberg’s Eric Balchunas even shared his approval probabilities, putting Litecoin at the top, followed by Dogecoin, then Solana and XRP. He mentioned that filings under the 1940 Act or alternative setups might still succeed, even if spot ETFs face hurdles.
Changing times
Last week, Grayscale’s Solana ETF application got the nod, signaling progress, and now, everyone’s watching to see if the SEC will give the same attention to other altcoins like XRP or Dogecoin.
Meanwhile, asset managers are clearly interested in Solana. Franklin recently filed for a Solana Trust, which likely means an ETF submission is on the horizon.
What are the chances?
Even prediction markets are getting in on the action, and plling the users. Polymarket currently shows an 82% chance of a Solana ETF approval this year.
Other altcoins, like Hedera, also have ETF applications in the works, so the SEC’s decision-making could extend beyond just Solana.
Ultimately, the SEC’s classification of tokens as securities or commodities will be a major factor in ETF approvals, but if there’s some regulatory clarity, we could see a bunch of altcoin ETFs approved together.
Until then, it looks like Solana is leading the pack in the SEC’s line of sight.
