SEC puts Solana ETF race in motion: Four new filings acknowledged – Is approval on the horizon?

• The SEC is reviewing multiple Solana ETF applications, signaling rising institutional interest.
• Analysts predict Litecoin and Dogecoin ETFs have higher approval chances than Solana and XRP.

The U.S. Securities and Exchange Commission (SEC) is now reviewing multiple applications for Solana [SOL] exchange-traded funds (ETFs).

With firms like Canary Capital, VanEck, 21Shares, and Bitwise entering the race, interest in bringing SOL to Wall Street is gaining momentum.

Seeing this growing hype, market watchers are closely monitoring whether Solana could follow in the footsteps of Bitcoin [BTC] and Ethereum [ETH] ETFs.

Source: SolanaFloor/X

Solana ETF acknowledged by Grayscale

For those unaware, the race to launch a Solana ETF began when the SEC acknowledged Grayscale’s Solana ETF application last week.

This recognition positioned Grayscale as a potential frontrunner in a wave of SOL-focused proposals.

The regulator has now opened a 21-day public comment period on NYSE Arca’s proposal to list and trade the Grayscale Solana Trust, marking a crucial step in the approval process.

Meanwhile, Franklin Templeton registering the “Franklin Solana Trust” in Delaware on the 10th of February, suggesting the asset manager is preparing to enter the SOL ETF market.

Polymarket and price trend

This has resulted in strong market sentiment around a potential SOL ETF approval in 2025. Polymarket data reflects an 83% probability of approval.

This growing optimism comes amid recent price fluctuations, as SOL was trading at $195.73, at press time.

The coin suffered a 4.47% decline over the past 24 hours, according to CoinMarketCap.

Despite short-term volatility, the increasing likelihood of regulatory approval suggests institutional demand for Solana-based investment products could accelerate, potentially influencing SOL’s long-term market trajectory.

Seeing this hype around SOL ETF, James Seyffart noted, 

“Update: As expected. SEC is acknowledging more Solana filings. The important ones will be if they acknowledge XRP & Doge filings.”

Other altcoin ETFs in pipeline

While Bloomberg analysts suggested that Litecoin [LTC] and Dogecoin [DOGE] ETFs stand a better chance of SEC approval before SOL and Ripple [XRP], recent developments indicate a shifting regulatory focus.

As regulatory momentum builds, the approval timeline for crypto ETFs remains uncertain.

However, the heightened attention on Solana suggests it could play a pivotal role in shaping the next phase of institutional crypto adoption.

Remarking on the same, Eric Balchunas put it best when he said,

“Our official altcoin ETF approval odds are out. Litecoin leads with a 90% chance, then Doge, followed by Solana and XRP. We are only doing 33 Act $IBIT-esque filings. But it is possible to see futures or Cayman-subsidiary type 40 Act stuff get through as well,”