Solana Gearing Up For Meteoric Rise Amid Reports SOL ETFs Could Be Approved In 3-5 Weeks

The crypto industry scored two major wins last year when several asset managers secured long-awaited approvals to offer spot Bitcoin exchange-traded funds and their Ethereum-based counterparts in the U.S. Now, a Tuesday report from Blockworks , citing three sources familiar with the matter, suggests that US regulators are moving forward in the review process required to make funds directly tracking the price of the sixth-largest cryptocurrency by market cap a reality in the United States. SOL ETFs Are Coming Soon One source reportedly told Blockworks that the U.S. Securities and Exchange Commission (SEC) asked would-be issuers to amend their S-1 filings in the next week, with a green light potentially being given within three to five weeks. Specifically, the agency requested updates to language around in-kind redemptions and staking approaches, with an evident openness to including staking as part of Solana ETFs . “Conversations around the nuances of staking Solana in ETFs are getting underway between the SEC and hopeful Solana ETF issuers.” According to the report, the SEC will comment on the S-1 forms in the next 30 days after submission. At least six companies are vying for a spot Solana ETF, including asset management giants Grayscale, VanEck, 21Shares, Bitwise, Canary Capital, and Franklin Templeton. A US Solana ETF would give greater accessibility for traditional investors who don’t have an account with a centralized exchange (CEX) and want some exposure to Solana. Blockwork’s report claiming that the approval of Solana-based funds is imminent comes as Bloomberg Intelligence analysts update their odds for all spot crypto ETFs. Spot SOL ETF Odds Top 90% Bloomberg’s senior ETF analyst Eric Balchunas posted to X, commenting on a note from his colleague James Seyffart that predicted, “ETFs that track broad crypto indexes may be approved by the SEC next month.” The note also suggested that the SEC could “act early” on Solana and staking ETF filings, with Balchunas telling his followers to “get ready for a potential altcoin ETF summer with Solana likely leading the way.” Balchunas and Seyffart peg the odds of SOL ETF approval and listing in 2025 at 90%, matching their projection for Litecoin-based ETF approval. That being said, if and when spot Solana ETFs are greenlighted, the investor money they attract could be enormous. JPMorgan analysts have predicted that Solana ETFs could collectively pull in between $3 and $6 billion in fresh investments. The price of SOL spiked above the $164 level in the span of minutes after the reports of spot ETF development emerged. At publication time, SOL costs $166.76 per coin, representing a 5.5% gain on the day. The token is positioned for significant growth in 2025, should the ETFs go live on US exchanges.

Source: ZyCrypto