Galaxy Digital Predicts SEC Approval Odds for Solana ETFs
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Galaxy Digital Head of Research Alex Thorn analyzed VanEck and 21Shares' spot Solana ETP filings. On June 28, the US Securities and Exchange Commission (SEC) received these aggressive filings to incorporate Solana into regulated financial markets like Bitcoin and Ethereum.
In their S-1 filing, VanEck proposes launching a commodity-based trust to directly own Solana, enabling the ETP to closely monitor its market price. Some crypto ETPs stake assets, but not this one.
The news boosted SOL's stock by 8%. The filing lacks operational mechanisms like custodian, cash custodian, and permitted participants because to its early stage. As the product nears acceptance, these issues are addressed in subsequent modifications.
Why Spot Solana ETF Odds Are Low
According to the latest updates, VanEck has not submitted the 19b-4 form, which begins the SEC's official probe. Once started, a review may last up to 240 days, according to Bloomberg analyst James Seyffart. Thus, assuming VanEck files quickly, the decision may come around March 15, 2025. This procedure includes regulatory hurdles and public comment periods typical of new financial product approval.
