Optimism grows amid changing market dynamics for Solana ETF approval
As regulatory and market dynamics change for digital asset products, the launch of the Solana ETF appears to be imminent.
Equity exchange Cboe BZX on Thursday submitted four applications for the Spot Solana ETF, including proposals from VanEck, 21Shares, Bitwise Asset Management and Canary Capital. Bloomberg Intelligence ETF analyst James Seifert said the filings are a big step forward for Solana ETFs, and if the SEC accepts the filings, the final deadline for a decision could be around early August 2025.
The approval of SOL ETF is amazing: Nate Gerasi
In particular, ETF Store President Nate Geraci expressed optimism about these developments, saying, “The SEC appears to be engaging with issuers regarding this product, which is a positive sign.” Solana believes that ETFs have a high probability of being approved by the end of the year.
The optimism surrounding Trump, along with the news of SEC Chairman Gary Gensler's resignation effective January 20, 2025, has led to speculation of a more supportive climate for digital asset innovation.
Recently, Fox Business's Eleanor Terrett recently reported on the X-Post that talks between SEC staff and issuers looking to launch SOL spot ETFs are “underway.” The SEC is now involved in S-1 filings.
While the new development indicates the possibility of seeing the product by 2025, it does not guarantee that the SEC will give the green light. However, most of Solana's supporters are optimistic, considering the departure of SEC Chairman Gensler in January 2025.
Increasing optimism around the SOL ETF
Notably, Matthew Siegel, VanEck's head of digital asset research, is also optimistic about the Solana ETF timeline, as he says, “I think there's a very good chance the Solana ETF will be trading by the end of next year.
Jeffrey Kendrick, head of global digital assets research at Standard Chartered, said Solana's ETF approval is more likely under the Trump administration.
SOL recently hit a new all-time high on Friday morning, trading at $264.31 on Coinbase Inc. The token has gained 18% in the past week, continuing its strong performance in 2024 and up 160% since the start of the year. It currently has a market value of 123 billion dollars, about 4% of the total crypto market.
Market analysts are pessimistic about Solana's continued growth and currently have a price target of $400, above its previous all-time high of $260.
