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Hassan Shittu
Journalist
Hassan Shittu
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The U.S. Securities and Exchange Commission (SEC) acknowledged applications from Canary, VanEck, Bitwise, and 21Shares for spot Solana exchange-traded funds (ETFs) on Tuesday.
This is the first time the SEC has formally recognized a Solana ETF filing, suggesting a potential shift in its approach to crypto markets.
In a regulatory filing on Tuesday, the SEC initiated a public comment period for the “Solana Trusts,” a proposed ETF that would bring SOL investing into mainstream finance.
The move sets a timeline for review, with the regulator expected to issue an initial decision within 21 days—either approving, denying, or extending the deadline for further consideration.
Market analysts remain optimistic that Solana and other altcoins will secure ETF approvals in 2025, though the exact timing remains uncertain.
Industry sentiment suggests that the SEC, previously cautious under Chair Gary Gensler, may be shifting toward a more open stance on crypto investment vehicles.
Grayscale’s proposed Solana ETF was also acknowledged by the SEC earlier this month, putting its review timeline slightly ahead of Canary’s.
Analysts view Grayscale’s outcome as a potential indicator of how the SEC will handle other Solana ETF applications.
Meanwhile, asset management giant Franklin Templeton, which oversees $1.68 trillion in assets, has entered the race by filing documents in Delaware to register the Franklin Solana Trust entity.
If approved, Franklin Templeton’s Solana ETF would provide institutional investors with a regulated pathway to gain exposure to Solana, a blockchain recognized for its high-speed transactions and monolithic architecture.
The SEC’s acknowledgment of multiple Solana ETF filings marks an important step toward broader acceptance of altcoin ETFs, signaling a potential expansion of institutional access to the crypto market.
How Trump’s Policies Could Fast-Track Crypto ETFs
For years, the SEC resisted approving Bitcoin ETFs over investor protection concerns.
However, that changed last year when the agency approved Bitcoin and Ether ETFs, opening the door for broader institutional and retail participation.
Since then, firms have submitted applications for ETFs linked to other cryptocurrencies like Solana and XRP, though these proposals remain under review.
Recently, Bitwise secured initial approval for an ETF tracking both Bitcoin and Ether, with the SEC granting accelerated approval for NYSE Arca to list and trade shares of the hybrid fund.
Leadership changes under President Donald Trump have also influenced the regulatory environment.
Acting SEC Chair Mark Uyeda and acting CFTC Chair Caroline Pham have voiced pro-crypto views and pushed for clearer regulations.
The previous SEC administration rejected Solana ETF applications, misclassifying them as commodity trust shares rather than securities.
This contributed to repeated denials, as commodity trust shares typically track physical assets like gold rather than digital currencies.
Following Gary Gensler’s resignation as SEC Chair, crypto ETF filings surged. Bloomberg analyst Eric Balchunas noted that 33 new applications were submitted within days, with projections reaching 50 soon.
Analysts James Seyffart and Balchunas estimate high approval odds for crypto ETFs tied to Litecoin (90%), Dogecoin (75%), Solana (70%), and XRP (65%).
Since Trump took office last month, the U.S. government has shifted toward a more crypto-friendly stance, increasing optimism for expanded ETF approvals and fewer regulatory hurdles in the digital asset space.
Solana’s bid for an ETF could either reinforce existing regulatory skepticism or open the door for more altcoin-backed financial products.
With the SEC acknowledging multiple filings, momentum is building toward a resolution. The verdict will not just impact Solana but set the tone for the next generation of crypto-based investment vehicles.
