Solana’s ETF case strengthens: Are the numbers backing it up?
Solana gains ground as a serious ETF contender with rising DeFi activity, SEC filing updates, and institutional moves.
- Solana leads in bridged inflows and fee revenue, reinforcing its spot ETF momentum.
- SEC seeks amended S-1 filings; $39M SOL transfer hints at growing institutional positioning.
Solana [SOL] is quietly building its case for a spot ETF.
With network activity on the rise, $8.8 billion in TVL, and growing fee revenue, the ecosystem is catching serious attention.
As issuers revise filings to factor in staking, Bloomberg now pegs the odds of approval at 90%; a sign that momentum may finally be on Solana’s side.
SEC pushes for amended filings
The U.S. Securities and Exchange Commission has asked issuers to submit amended S-1 forms by the third week of June 2025; an encouraging sign that the review process is advancing.
This move comes on the heels of Bloomberg Intelligence placing 90% odds on approval, driven by Solana’s surging TVL and network activity.
Some issuers have already updated filings to include staking, though analyst James Seyffart cautions,
“Possible but def not guaranteed. Could theoretically approve the SOL ETFs to launch with staking at same time they approve staking in ETH etfs. But i have no insight into what will actually happen.”
Transfer and network traction
In the last 24 hours, Solana led all networks in bridged net inflows, topping $2.5 million, and placed third in fees generated; trailing only Tron [TRX] and Hyperliquid [HYPE].
These figures highlight Solana’s growing real-world usage, a key metric for ETF viability. Meanwhile, stablecoin supply changes show a marginal outflow for SOL, a sign of healthy liquidity rotation.
In a major wallet move, 252,847 SOL (worth $39.72M) was transferred from Coinbase Prime to FTX’s cold storage just hours ago.
This was an unusual size that could hint at institutional positioning or custodial restructuring ahead of ETF developments.
As Solana continues to attract inflows, fuel DeFi activity, and gain traction with issuers, the data increasingly backs the narrative: SOL is evolving into a serious Layer 1 contender with the metrics to match.
