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.
A new day. Recall Gary would not acknowledge these previously on the basis they were incorrectly filed as commodity trust shares. https://t.co/Jpx92LIW64
— Scott Johnsson (@SGJohnsson) February 6, 2025
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.
Read more: Solana ETF approval by July 2025? Polymarket odds spike
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.
You might also like: Solana ETF push resumes as Cboe BZX resubmits applications to SEC
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.