Solana ETF Approved?! 🚀 SEC Shocker!

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Ah, the American Securities and Exchange Commission! A body as predictable as a Russian winter, yet capable of surprises that would make even a seasoned gambler raise an eyebrow. It is whispered, through the hallowed halls of Blockworks, that this very SEC may, in its infinite wisdom (or perhaps, its infinite indecision), soon grant its blessing upon a spot Solana exchange-traded fund. Imagine! 🤯

They say the SEC, like a stern but ultimately yielding parent, has requested the prospective Solana (SOL) ETF issuers to present amended S-1 registration statements. By next week, no less! One source, perhaps a little too eager, suggests that approval could arrive within a mere three to five weeks. Such haste! One might suspect they are trying to catch a train. 🚂

Two sources, undoubtedly men of great importance and even greater discretion, confided to Blockworks that the agency will deign to provide comments on these updated filings within 30 days. The changes, it seems, revolve around the thorny issues of in-kind redemptions and whether staking, that modern form of digital sharecropping, will be incorporated into the ETF structure. A veritable minefield of financial intricacies! ⛏️

And here’s a twist worthy of a Chekhov play: the SEC is said to be open to allowing staking as part of these products. Open! As if they were considering opening a window on a stuffy day. One wonders what machinations led to this sudden burst of enlightenment. 🤔

Bloomberg Intelligence analyst James Seyffart, a man who presumably spends his days deciphering the SEC’s pronouncements, commented that approval could come as early as July. Though, he cautions, the final deadlines, based on the 240-day review period (a period long enough to gestate a small mammal), extend to October. Seyffart believes the agency may now be prioritizing 19b-4 filings related to Solana and staking ETFs sooner than originally expected. Sooner! As if the world were holding its breath. 😮‍💨

A veritable flock of asset managers are lining up to offer a Solana ETF, including VanEck, Bitwise, Fidelity, Grayscale, Franklin Templeton, Canary Capital, and 21Shares. A veritable who’s who of the financial world, all eager to get their hands on a piece of the Solana pie. 🥧

Solana following Bitcoin and Ethereum ETF plans

Grayscale, that venerable institution, is aiming to convert its existing SOL Trust into a spot ETF, following the well-trodden path it blazed for its Bitcoin (BTC) and Ethereum (ETH) products. The SEC formally acknowledged Grayscale’s Solana ETF proposal in February, a shift so significant it could make the earth wobble on its axis. Given its past resistance to such filings, one can only assume they’ve had a change of heart, or perhaps a change of personnel. 🤷

While the SEC, in its infinite wisdom, delayed its decision on Grayscale’s Solana ETF in May, it stated it had not yet reached any conclusions. The delay, they assure us, was merely procedural, not a rejection. As if a delay from the SEC could ever be considered anything but a sign of impending doom! 😈

Market observers, those ever-optimistic souls, took that as a positive sign, particularly after CME launched SOL futures in February, mirroring steps taken ahead of Bitcoin and Ethereum ETF approvals. Ah, the comforting predictability of financial markets! Like watching a well-rehearsed play, where everyone knows their lines, even if the ending remains a mystery. 🎭

CME’s launch of SOL futures has already led to the introduction of SOL futures ETFs, including two from Volatility Shares. Volatility Shares! A name that inspires confidence, like a tightrope walker announcing they’ve never walked a tightrope before. 🤡

Following the historic approval of spot Bitcoin ETFs in January 2024 and Ethereum ETFs in May 2025 (a date that, unless my calculations are off, lies firmly in the future), attention has now turned to other top digital assets like Solana. The very existence of futures markets often paves the way for spot ETF approval, as seen with BTC and ETH. So, let us all hold our breath and wait for the SEC to make its pronouncements. After all, what else do we have to do? ⏳

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2025-06-10 22:39