Is Solana ETF Possible: Optimistic Post from Bloomberg Analyst!

Bloomberg ETF analyst James Seyffart thinks it is unlikely that the ETF application for Solana (SOL) will be approved.

Investment company VanEck filed an S-1 with the SEC today to establish a spot Solana ETF.

“There is only one chance” for Solana

It is not yet known whether other issuers operating spot Bitcoin ETFs other than VanEck will also apply for Solana.

It is not yet known when the SEC will make a decision on VanEck's application because 19b-4 filings must also be submitted for this. James Seyffart said that if the 19b-4 filing is filed today, the SEC decision deadline would be March 2025.

However, ETF analysts do not view the application as likely to be approved. Seyffart said, “This has only one chance to be established in 2025, and that is a change of management in the White House and the SEC. "Even then, it's not a guarantee," he said.

What are the obstacles facing Solana?

SEC approved Bitcoin and later Ethereum ETFs. However, the difference between these two cryptocurrencies is that they are considered commodities by the SEC.

The Securities and Exchange Commission (SEC) accused Binance.US and Coinbase exchanges of securities trading in a lawsuit filed last year. Meanwhile, the SEC also defined Solana (SOL) as a security.

VanEck Digital Asset Research Manager Matthew Sigel said that they believe SOL should be a commodity like Bitcoin and Ethereum.

Stay tuned for new information