- The SEC has taken filings from 21Shares, VanEck, Bitwise, and Canary Capital for SOL ETFs.
- Franklin Templeton has created a Solana trust and is anticipating a future ETF launch.
- Analysts estimate a 70% chance of Solana ETF approval as interest in crypto rises.
The U.S. Securities and Exchange Commission (SEC) has officially acknowledged 21Shares’ filing for a spot Solana exchange-traded fund, signaling a step towards a possible approval. The acknowledgment, announced on February 11, 2025, initiates a public comment period, marking the beginning of the legislative review process. In addition to 21Shares, the SEC has also accepted applications from Bitwise, VanEck, and Canary Capital, setting the stage for a possible large investment in Solana.
Regulatory Process and Market Expectations
The SEC’s acknowledgment of multiple spot Solana ETF filings highlights the momentum for adopting digital assets. The regulatory body’s move follows a similar filing last month by the Cboe BZX Exchange, which submitted applications for companies seeking to launch Solana ETFs. Previously, these proposals had faced rejection, but market dynamics and attitudes now suggest a more favorable outlook.
Industry analysts speculate that the SEC could issue a decision—either approval or rejection—on the filings within the next 21 days. However, historical patterns indicate the likelihood of deadline extensions, allowing regulators additional time for evaluation. Despite this uncertainty, Bloomberg ETF analysts James Seyffart and Eric Balchunas estimate a 70% chance of approval for Solana ETFs, reflecting optimism within the financial sector.
The SEC’s evolving stance on cryptocurrency investment vehicles appears to contrast with its previous position under former Chair Gary Gensler, who had expressed strong reservations regarding regulatory risks. With the current administration fostering a more pro-crypto environment, expectations are mounting for additional ETF approvals covering altcoins such as Litecoin, Dogecoin, and XRP.
Related: Solana ETF Gets SEC Nod, VanEck Predicts SOL to Reach $520
Franklin Templeton Has Applied for Solana ETF in Delaware
Amid growing anticipation for spot Solana ETFs, Franklin Templeton has taken a significant step toward launching its Solana-based investment product. The asset manager recently registered the Franklin Solana Trust in Delaware, an early indication of its intent to compete in the evolving Solana ETF market.
The trust, filed on February 10, was created through the CSC Delaware Trust Company, a firm that has previously registered crypto trust products for leading asset managers like Bitwise. For Franklin Templeton to formally introduce its Solana ETF in the U.S. market, it must file both an S-1 form and a 19b-4 form with the SEC. This regulatory process will determine its ability to offer Solana exposure to institutional and retail investors, placing it in direct competition with firms like Grayscale, Bitwise, VanEck, 21Shares, and Canary Capital.
