On June 13, the leading asset managers, including 21Shares, Franklin Templeton, and Grayscale, submitted amended S-1/A filings for their Spot Solana ETFs after the SEC requested clarifications on in-kind redemption processes. Fidelity has also filed the S-1 form to offer spot Solana ETFs.
Earlier, the regulator has also signaled openness to allowing staking within these products. The SEC is expected to provide comments on the updated filings within 30 days.
Bloomberg analyst James Seyffart estimates a 90% chance of Solana ETF approval by early Q4 2025, with Litecoin and XRP also high on the list.
Grayscale plans to convert its existing Grayscale Solana Trust into a spot ETF, which reflects its successful Bitcoin and Ethereum ETF strategy.
Will Solana ETF Become the Next Big ETF?
The SEC’s engagement suggests a structured path forward, though delays are expected. If approved, Solana ETFs could follow Bitcoin and Ethereum in gaining mainstream investment access.
Brazil has already approved two Solana ETFs, which could influence U.S. regulators.
The approval of spot Bitcoin ETFs in early 2024 opened the door for mainstream and institutional adoption. In the first month, the new funds amassed over $10 billion in inflows, which makes it the most successful ETF launch in history.
By mid-2024, net inflows surpassed $30 billion as major players like BlackRock’s IBIT and Fidelity’s FBTC dominated, collectively holding hundreds of thousands of BTC.
Recently, BlackRock iShares Bitcoin Trust (IBIT) has created history by becoming the fastest ETF to accumulate $70 billion in assets under management (AUM), achieving this milestone in just 341 days.
This growth rate is five times faster than the previous record-holder, the SPDR Gold Shares ETF (GLD), which took 1,691 days to hit the same mark.
Also Read: CFTC’s Caroline Pham: No Easy Street for Crypto, Law Still Applies
