Following the impressive performance of Bit and Ethereum spot ETFs, the cryptocurrency market's focus has once again turned to Solana (SOL). A series of recent actions by the U.S. Securities and Exchange Commission (SEC), particularly requesting potential Solana ETF issuers to submit revised documents and reportedly considering the inclusion of Staking features, have ignited market optimism about the accelerated approval of a Solana spot ETF.
SEC's Key Actions and Market Interpretation
According to Blockworks reporting, sources revealed that the SEC has recently requested relevant issuers to submit revised S-1 documents within a week. The revisions primarily cover two aspects: updating the description of in-kind redemptions and detailing how issuers will handle Staking, suggesting an open attitude towards including Staking features in the Solana ETF.
The SEC's request for document revisions is generally interpreted by the market as a clear sign that the review process is accelerating. Although the official final decision deadline is set for October 2025, the market mainly expects the approval time to be significantly advanced to July or within three to five weeks thereafter.
Analysts' Optimistic Expectations and Market Response
Currently, applicants including Fidelity, Franklin Templeton, VanEck, Bitwise, Canary Capital, 21Shares, and Grayscale are actively seeking SEC approval.
Bloomberg analyst Eric Balchunas had already raised the possibility of SOL ETF approval from 70% to 90% in April. He believes that the Chicago Mercantile Exchange (CME) launching SOL futures in February is a positive signal, as CME had previously launched similar futures before the approval of Bit and Ethereum ETFs, paving the way for SEC approval.
Polymarket's trading prediction shows a 91% possibility of SOL ETF approval by the end of 2025, with some analysts even estimating that SOL price could challenge the $200 mark in June.
Potential Impact and Prospects of Solana ETF
If the Solana ETF is successfully approved, especially a product including Staking features, it will not only provide traditional financial market investors with a convenient new avenue to invest in SOL but also further open up ETF Staking. Ethereum-related ETFs will likely apply as well, with additional returns potentially increasing investors' buying interest.
