SEC approves applications from Canary, VanEck, Bitwise, and 21Shares for spot Solana ETFs

Analysts are optimistic that altcoins will get ETF approval in 2025

12.02.2025 - 09:50

3 min

What’s new? The US Securities and Exchange Commission (SEC) has approved Canary, VanEck, Bitwise, and 21Shares applications to launch Solana exchange-traded funds (ETFs). This is the first time the SEC has officially recognized a Solana ETF application, signaling a potential shift in its approach to cryptocurrency markets.

In a regulatory filing, the watchdog initiated a public comment period for the “Solana Trusts,” a proposed ETF that would seek to attract SOL investments in mainstream finance.

Grayscale has filed to launch a spot Cardano ETF

Once the SEC confirms, the filing will be published in the Federal Register, which will initiate the approval process

What else is known? The move sets a review timeline, and the regulator is expected to make an initial decision within 21 days — approving, denying, or extending the deadline for further review. Market analysts remain optimistic that Solana and other altcoins will receive ETF approval in 2025, although the exact timeline remains uncertain.

Analysts suggest that the SEC, previously cautious under Chairman Gary Gensler, may move to a more open stance on crypto investment vehicles. Grayscale’s proposed Solana ETF was also recognized by the SEC earlier this month, slightly ahead of Canary’s review timeline. Experts see Grayscale’s result as a potential indicator of how the SEC will handle other Solana ETF filings.

JPMorgan: SOL and XRP-based funds could outperform ETH ETFs in the first six months after the launch

The market is awaiting the approval of new exchange-traded crypto products after the new Trump administration takes office

Who else has applied? Asset management giant Franklin Templeton, which oversees $1,68 trillion in assets, has also filed documents in Delaware to incorporate Franklin Solana Trust. If approved, Franklin Templeton’s Solana ETF will provide institutional investors with a regulated pathway to access Solana, a blockchain known for its high-speed transactions and monolithic architecture.

The SEC’s recognition of several Solana ETF filings marks an important step toward broader altcoin ETF adoption, signaling a potential expansion of institutional access to the cryptocurrency market.

Earlier, Bloomberg ETF Research analyst James Seyffart reported that the SEC is set to formally recognize applications for the XRP and Dogecoin ETFs this week.

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