CandleFocus

Solana ETF Faces SEC Scrutiny as Approval Timeline is Announced

The U.S. Securities and Exchange Commission (SEC) is reviewing several Solana-based ETF applications and has accepted filings from four firms, including VanEck, 21Shares, Canary, and Bitwise. Decisions on these applications are expected to be made by late January 2025. Grayscale has also applied to convert its Solana Trust Fund into an ETF, with a review deadline of January 23, 2025. These applications fall under the SEC's 19b-4 proposal framework. Solana's prominence in ETF applications reflects increasing institutional interest in the blockchain, and Bloomberg ETF analyst James Seyffart suggests that the likelihood of approval has increased. The synchronized deadlines for Solana ETFs may indicate a more streamlined approach from the SEC, although approval is not guaranteed due to the agency's cautious stance on cryptocurrency investments.

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