SEC Reviews Spot Solana ETF Filing, Signaling Possible Regulatory Shift?

The U.S. Securities and Exchange Commission (SEC) has taken a notable step in reviewing the approval process for a spot Solana exchange-traded fund (ETF). This comes after Grayscale submitted a revised application, which analysts view as an initial move toward a Solana ETF.

“This is quite significant, considering the SEC had previously rejected similar filings for a Solana ETF,” said James Seyffart, a Bloomberg ETF analyst, referring to Grayscale’s updated 19b-4 filing submitted on February 6.

Another Bloomberg ETF analyst, Eric Balchunas, called the development interesting, though still in its early stages. He added that changes in SEC leadership may be influencing this decision.

Previously, the SEC rejected a spot Solana ETF under Gary Gensler’s tenure, arguing that it was incorrectly classified as “commodity trust shares,” according to financial attorney Scott Johnsson.

Back in January 2024, Seyffart projected that a spot Solana ETF approval might not happen until 2026. The process has been further complicated by ongoing lawsuits against Binance and Coinbase, where Solana has been classified as an unregistered security.

Seyffart also pointed out that the SEC’s enforcement division views Solana as a security, which prevents other divisions from reviewing it under the commodity ETF framework. Grayscale’s deadline for its spot Solana ETF application is currently set for October 11.

In recent weeks, several ETF issuers—including 21Shares, Bitwise, VanEck, and Canary Capital—re-submitted their 19b-4 filings via the Cboe BZX Exchange on January 28. On the same day, Bitwise also filed for a spot Dogecoin ETF.

Additionally, Cboe BZX filed applications for Canary Capital, WisdomTree, 21Shares, and Bitwise to list a spot XRP ETF in the U.S. on February 6. The SEC has also received a Grayscale filing for a spot Litecoin ETF, which Seyffart believes has a strong chance of becoming the next approved product after Bitcoin and Ethereum.

Seyffart noted that Canary Capital’s spot Litecoin ETF filing is already under active regulatory review, while applications for other crypto-related ETFs are progressing more slowly.

Meanwhile, JPMorgan estimates that an approved spot Solana ETF could attract between $3 billion and $6 billion in investments within its first year. Balchunas considers this projection realistic.

Additionally, the prediction platform Polymarket currently estimates a 39% probability that the SEC will approve a spot Solana ETF before July 31.

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