The US Securities and Exchange Commission (SEC) has asked potential Solana exchange – traded fund (ETF) sponsors to file amended S – 1 forms within a week, according to a report by Blockworks on June 10, citing three sources familiar with the matter. The SEC has informed the issuers that it intends to respond within 30 days of the filings. The staff has directed applicants to clarify procedures for in – kind redemptions and describe how funds might participate in Solana staking. Two of the sources added that regulators seem open to allowing limited staking within the product structure. If the revised filings are received this week, a decision could be made in three to five weeks, estimated one participant.
Bloomberg ETF analysts James Seyffart and Eric Balchunas predicted in April that the approval of altcoin – related funds might not happen before October. However, Seyffart reiterated on May 20 that if an early approval occurs, it might not be until the first days of July. Balchunas shared a note by Seyffart on June 10, saying that “ETFs that track broad crypto indexes may be approved by the SEC within the next month”.
Fidelity, Franklin Templeton, VanEck, Bitwise, Canary Capital, 21Shares, and Grayscale all have applications for a Solana ETF. Grayscale seeks to convert its existing Solana trust into an ETF, similar to the way it listed spot bitcoin and ethereum funds. The firm’s filing was delayed on May 13, while Franklin Templeton’s proposal was delayed on April 30, and filings submitted by Fidelity and VanEck were postponed on May 19. On June 6, VanEck, Canary, and 21Shares sent a letter to the SEC asking for the reinstatement of the first – to – file approval order, claiming that concurrent approvals strip early filers of their advantage.
The potential approval of Solana ETFs could significantly boost institutional investment in crypto, enhancing market legitimacy and innovation. Market observers note the SEC’s unusual speed in processing these applications, contrasting with the multi – year bitcoin ETF approval timeline. Sol price surged 18 % following the news, currently trading at 178 according to Coingecko data. Analysts at Coinpedia project Sol could surpass 200 before June’s end, citing institutional inflows of $ 4.2 bn estimated, staking yield demand of 6.8% APY, and network activity of 41m daily transactions.
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