The U.S. Securities and Exchange Commission (SEC) has officially acknowledged Grayscale Investments’ updated application for a spot Solana exchange-traded fund (ETF), marking a notable development in the regulator’s evolving approach to crypto-focused ETFs.
This move, announced on February 6, marks a departure from the SEC’s previous rejections of similar filings under Gary Gensler’s leadership. While this acknowledgement suggests progress, the road to approval remains uncertain.
The complexities surrounding Solana’s classification have posed challenges in the past. Finance attorney Scott Johnsson pointed out that earlier filings were rejected because Solana ETFs were misclassified as commodity trust shares. Meanwhile, Bloomberg analyst James Seyffart previously stated that the SEC’s Division of Enforcement has categorized Solana as a security, complicating its eligibility under a commodities ETF framework.
Industry experts remain divided on the potential approval timeline for a spot Solana ETF. In November 2023, Nate Geraci, President of ETF Store, told The Block that a decision could arrive as early as late 2025, citing the SEC’s increased engagement with issuers. However, Seyffart cautioned that approval might extend into 2026, given the SEC’s standard 240 to 260-day review period for ETF applications.
Grayscale’s Solana ETF filing is part of a broader surge in crypto ETF applications. On January 28, major issuers—including 21Shares, Bitwise, VanEck, and Canary Capital—re-submitted filings for spot Solana ETFs, with the Cboe BZX Exchange refiling on their behalf.
Beyond Solana, the SEC is also evaluating several other crypto ETF proposals. Grayscale has applied for a Litecoin (LTC) ETF, while BlackRock is also seeking approval for in-kind creations and redemptions for its iShares Bitcoin ETF. Canary Capital, WisdomTree, and Bitwise have submitted filings for spot ETFs tied to Ripple (XRP) and Dogecoin (DOGE).
This acknowledgement of Grayscale’s Solana ETF filing comes as the asset manager continues to expand its offerings in the crypto space. It recently introduced the Bitcoin Miners ETF ($MNRS) as a way to offer investors exposure to the Bitcoin mining sector.
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