The U.S. Securities and Exchange Commission (SEC) has officially accepted Grayscale Investments’ proposal for a Solana (SOL) exchange-traded fund (ETF) for review, marking a significant step toward potential approval.
The filing, submitted on Thursday by NYSE Arca as a 19b-4 rule change request, opens the door for public commentary and regulatory scrutiny.
The SEC’s decision to review the filing is particularly notable given its previous stance on SOL-based ETFs. Bloomberg analyst Eric Balchunas pointed out that this is the first time an ETF application for an altcoin the SEC has previously classified as a security has been formally accepted for review.
“This is the first time an ETF filing tracking a coin that had previously been called a “security” has been acknowledged by SEC. Only six weeks ago the Genz-led SEC told CBOE to withdrawal their Solana 19b-4. So we are now in new territory, albeit just a baby step, but seemingly the direct result of leadership change.” He tweeted.
Elsewhere, his colleague, James Seyffarth, emphasized that past SOL ETF proposals were rejected outright, signaling a potential shift in regulatory approach.
That said, regulatory dynamics surrounding Solana have been evolving. Just six weeks ago, the SEC, under Chair Gary Gensler, had directed the Chicago Board Options Exchange (CBOE) to withdraw a similar application for a Solana ETF. However, recent leadership changes at the SEC appear to have influenced a reconsideration of the asset’s status in the ETF landscape.
Meanwhile, as part of the regulatory process, the SEC has initiated a 21-day public comment period following the proposal’s publication in the Federal Register. This phase allows industry stakeholders and market participants to submit feedback before the agency makes a final determination. The review period does not guarantee approval but is a crucial step in assessing the market impact and regulatory compliance of the proposed ETF.
Grayscale’s move to introduce a Solana ETF aligns with broader efforts by asset managers to expand crypto investment products. The SEC is currently evaluating multiple Solana ETF filings, including those from VanEck, 21Shares, Canary, and Bitwise, alongside Grayscale’s proposal. Additionally, there are ongoing reviews for spot ETFs based on XRP ($2.45), with filings from Bitwise and 21Shares.
The potential approval of a Solana ETF coincides with optimistic market forecasts for the cryptocurrency. On Thursday, investment firm VanEck projected that Solana could reach $520 by the end of 2025, citing an increase in the global money supply and Solana’s growing dominance in the smart contract sector.
Beyond price predictions, Solana’s strong developer activity, rising decentralized exchange (DEX) volumes, and increasing network revenue reinforce its standing as a major player in blockchain innovation. These factors contribute to the argument that a Solana ETF could offer traditional investors an accessible and regulated way to gain exposure to the asset.
