U.S. SEC Acknowledges Solana ETF Filings from 21Shares, Bitwise, Canary, and VanEck

On February 11, the United States Securities and Exchange Commission (SEC) recognized several filings for Solana-based exchange-traded products (ETPs), moving the market closer to introducing new financial vehicles centered on altcoins. This recognition follows a broader trend of increasing regulatory engagement with Solana-based products.

Just last week, as highlighted in a CoinTab report, the SEC formally acknowledged a proposal to list and trade the Grayscale Solana Trust, which is expected to transition into an exchange-traded fund (ETF).

Growing Momentum for Crypto ETFs

On Tuesday, the SEC acknowledged filings from Cboe BZX Exchange, which submitted rule change proposals to list spot Solana ETFs from 21Shares, Bitwise, Canary Capital, and VanEck. These firms had previously had their applications rejected, but they refiled 19b-4 forms on January 28 in a renewed attempt at approval.

The refiled applications reflect a broader trend of crypto firms reassessing their ETF prospects as issuers gauge the SEC’s stance under Commissioner Mark Uyeda. The political landscape has also shifted, with a seemingly pro-crypto administration under President Donald Trump fueling optimism around altcoin ETFs.

Growing optimism has also led analysts to assess the likelihood of regulatory approval for various altcoin ETFs. On Monday, Bloomberg ETF analysts James Seyffart and Eric Balchunas estimated a 70% chance of SEC approval for Solana ETFs. Litecoin had the highest projected approval rate, at 90%, followed by Dogecoin at 75% and XRP at 65%.

Grayscale and Franklin Templeton Join the Race

Beyond Solana, Cardano (ADA) has also seen ETF-related developments. Grayscale recently applied to launch an ADA ETF with the New York Stock Exchange (NYSE). Following the news, ADA’s price surged over 14% in a single day.

Grayscale is also moving to convert its existing Solana and XRP trusts into spot ETFs. For context, NYSE Arca applied on January 30 to transition Grayscale’s XRP trust into a spot ETF, followed by a similar filing for its SOL trust on February 6.

Additionally, Franklin Templeton is making strides in the Solana ETF market. On Tuesday, the firm submitted documents in Delaware to register the Franklin Solana Trust, signaling its intent to participate in this growing sector.