The SEC will conduct the first review of Solana-based ETFs as the deadline approaches. Institutional interest in Solana ETFs reflects confidence despite regulatory tightness. Analysts foresee long-term potential for SOL ETF approvals amid growing optimism.
Investors are watching this date for the Solana ETF!
As you have been following on Kriptokoin.com, interest in the market is shifting from Bitcoin to altcoins. After Ripple’s XRP, Tron’s TRX also experienced a boom. Now eyes are on Solana’s SOL, which has been consolidating below its peak for some time. The US Securities and Exchange Commission (SEC) will review several Solana-based ETF applications as early as January 2025, sources reported. According to data from Bloomberg Terminal, four institutions-VanEck, 21Shares, Canary and Bitwise-filed applications for Solana ETFs on November 21, 2024. The SEC formally accepted them the same day.
Under regulatory requirements, the SEC must issue an initial decision within 45 days of acceptance, by January 25, 2025. Grayscale also wants to convert Solana Trust into an ETF. The deadline for this is January 23, 2025.
SEC approval process
These ETF applications are 19b-4 offerings. This process allows issuers to list and trade securities on national exchanges pending SEC approval. The SEC can approve or reject the applications. Or it may take more time to review them.
Historically, the SEC has been wary of cryptocurrency ETF applications. It has generally taken more time to review them. But the regular timing of filing deadlines could mean that the regulator will be decisive on Solana ETFs. XRP-focused ETFs are also in the news. Organizations such as Bitwise, Canary and Wisdomtree are seeking ETF approval. In the meantime, Solana’s involvement in multiple ETF applications shows that institutional interest is growing. However, the SEC takes a long time to make a decision. This, in turn, points to stringent requirements.
What do analysts think of the Solana ETF?
Bloomberg ETF analyst James Seyffart said that hopes for Solana ETF approvals have increased. Seyffart noted that approvals are now more likely, although not immediately. His comments are in line with broader observations in the financial space, which anticipate continued regulatory developments in crypto ETF offerings.
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