Grayscale Investments submitted the Solana ETF application along with companies like Bitwise and Canary Capital to the U.S. Securities and Exchange Commission.
Asset management company Grayscale Investments has applied to list a Solana ETF spot product on the New York Stock Exchange (NYSE). This application makes Grayscale one of the increasingly urgent companies hoping to list this product in the U.S.
Grayscale Solana ETF: Prospects
According to the document, the Digital Currency Group (DCG) subsidiary plans to upgrade the Grayscale Solana Trust to a mature ETF product. This ETF will be traded on the NYSE Arca under the 19b-4 rule.
This application makes Grayscale the fifth asset management company to apply for a Solana ETF product. Previously, Canary Capital, VanEck, 21Shares, and Bitwise had taken relevant actions.
The industry expects changes in the leadership of the U.S. Securities and Exchange Commission (SEC). With this change, the market anticipates that cryptocurrency policies will become more lenient, which may help in the introduction of SOL ETF products. As Coingape reported earlier, SOL ETF applicants are in preliminary negotiations with the SEC, and signs have already emerged.
The question of whether the SEC will approve cryptocurrency ETF products is heating up on Crypto X. Bloomberg senior ETF analyst James Seyffart believes that Solana exchange-traded fund products will be approved. However, he expressed skepticism about the timeline.
According to his predictions, the new product could be approved as early as August 2025 and may extend into 2026.
Will BlackRock and Fidelity join this trend?
During the subsequent Q&A session, Seyffart was asked if the approval timeline would change if BlackRock and Fidelity Investments joined the growing cryptocurrency ETF trend.
In his response, he pointed out, 'Theoretically, the new administrators may not follow decades-old practices.' He stated that although there may be changes in the leadership of the SEC, the new executives may not want to 'rush to approve these things,' even if their attitude is more lenient.
In addition to the Solana ETF, asset management companies also plan to launch Litecoin ETF, XRP ETF, and Hedera ETF. With the list growing longer, there is speculation that more applicants will join this trend in the future.
