In a major move for Solana, the U.S. Securities and Exchange Commission has formally acknowledged Grayscale’s revised application for a spot Solana exchange-traded fund.
On Feb. 6, the US SEC officially acknowledged Grayscale’s amended application for a spot Solana (SOL) ETF. This is significant because previous attempts to file SOL ETFs were rejected under SEC Chair Gary Gensler’s leadership. In his post on X, Finance lawyer Scott Johnsson reminded that the regulator’s refusals were based on Solana products being incorrectly categorized as commodity trust shares.
Bloomberg analyst James Seyffart echoed this in Jan., stating that the SEC’s Division of Enforcement classifying Solana as a security makes it difficult for other SEC divisions to consider it under a commodities ETF framework.
The timeline for a potential Solana ETF remains uncertain, with experts offering differing opinions. Back in Nov., ETF Store President Nate Geraci told the Block that approval could come by the end of next year, noting that the SEC’s recent engagement with issuers is a promising development. However, Seyffart suggested could stretch into 2026, pointing out that the SEC typically takes 240 to 260 days to review such filings.
Surge in crypto ETF filings as issuers test SEC’s stance
This development comes as a wave of crypto ETF filings has landed on the SEC’s desk in recent weeks. Major issuers, including 21Shares, Bitwise, VanEck, and Canary Capital, are all vying to list spot Solana ETFs, with Cboe BZX Exchange refiling 19b-4 forms on their behalf on Jan. 28.
Beyond Solana, the SEC has acknowledged several other crypto ETF-related applications. Among them is Grayscale’s filing for a Litecoin (LTC) ETF, as well as BlackRock’s proposal to allow in-kind creations and redemptions for its iShares Bitcoin ETF. Additionally, Cboe BZX filed forms for Canary Capital, WisdomTree, 21Shares, and Bitwise to list a spot Ripple (XRP) ETF. Last but not least, Bitwise has proposed a spot Dogecoin (DOGE) ETF, adding to the growing list of crypto investment products seeking regulatory approval.
