Solana's native coin SOL experienced a significant price increase of approximately 5% following reports that U.S. regulators are advancing the regulatory process to potentially approve spot exchange-traded funds (ETFs) based on SOL. The U.S. Securities and Exchange Commission (SEC) has requested issuers to amend their S-1 filings within the next week and plans to provide comments within 30 days after submission.
This momentum follows the successful debut of bitcoin (BTC) and ether (ETH) spot ETFs in the United States, prompting asset managers to race in filing applications for similar products covering smaller cryptocurrencies like Solana. Prominent asset managers including Fidelity, Grayscale, Franklin Templeton, and VanEck have filed to launch SOL ETFs.
Multiple sources cited by Blockworks suggest the SEC could approve a spot Solana ETF as soon as July, with final deadlines extending to October based on the review period. The SEC's current review focuses on how ETF issuers will manage in-kind redemptions and the inclusion of staking in the ETF structure, with regulators open to allowing staking as part of these products.
Grayscale is aiming to convert its existing SOL Trust into a spot ETF, following its approach for Bitcoin and Ethereum products. The SEC formally acknowledged this proposal in February, marking a notable shift in regulatory stance. Additionally, the launch of SOL futures by CME and subsequent SOL futures ETFs have set the stage for spot ETF approvals similar to prior trends observed with BTC and ETH.