Momentum is building for a potential Solana spot ETF as the U.S. Securities and Exchange Commission (SEC) formally acknowledges multiple filings from asset managers seeking approval for such products. This recognition marks a critical step in the approval process and suggests that the regulatory body is open to considering these applications.
On Tuesday, the SEC confirmed it had received four additional Solana ETF filings from Cboe on behalf of Bitwise, VanEck, 21Shares, and Canary. Nate Geraci, president of ETF Store, commented on this development, stating that it was expected given the recent acceptance of Grayscale’s Solana ETF proposal. This shift in regulatory stance comes as a surprise to many, considering that concerns over asset classification had previously hindered progress.
With the acknowledgment of these applications, the SEC has initiated a public comment period lasting 21 days from February 11, allowing stakeholders to weigh in on the proposed ETFs. The final deadline for an official SEC decision on these products is set for October 10.
The approval process for a Solana ETF is now advancing steadily. Once the public comment period concludes, the SEC will have the option to approve, delay, or reject the applications. If granted approval, the process will move into its final phase, which involves S-1 registration—a crucial step before the ETF can launch.
Despite the recent progress, uncertainty still lingers over whether the SEC will ultimately approve a Solana spot ETF. Bloomberg ETF analyst James Seyffart has estimated a 70% chance of approval, citing unresolved classification issues as a potential hurdle. The SEC has previously classified Solana’s native token, SOL, as an unregistered security in lawsuits against exchanges such as Binance and Coinbase. This classification could impact the regulator’s decision on whether Solana ETFs can proceed.
However, recent developments suggest a potential shift in the SEC’s stance. The industry is closely monitoring how changes within the regulatory agency might influence its view on Solana. Optimism grew further when the SEC and Binance agreed to pause their ongoing legal battle for 60 days, allowing a newly established crypto task force to explore possible resolutions.
As the October 10 deadline approaches, market participants remain cautiously optimistic about the chances of a Solana ETF debut. If approved, it could mark a significant milestone for Solana and the broader cryptocurrency market, opening the door for greater institutional adoption and further legitimizing digital assets within traditional financial structures.