Solana ETF leads the pack—will more crypto ETFs be approved by the U.S. SEC next month?
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Solana ETF leads the pack—will more crypto ETFs be approved by the U.S. SEC next month?
The SEC has asked potential Solana ETF issuers to submit revised S-1 forms within next week, a move seen as a signal of significantly accelerated approval process.
Navigating Web3 tides with focused insightsBy Dong Jing, Wall Street Insights
On June 10, according to Blockworks, the SEC has requested potential Solana ETF issuers to submit revised S-1 forms by next week—a move seen by industry insiders as a clear signal of accelerated approval processes.
Three知情人士 sources indicated that this regulatory action could shorten the approval timeline for a Solana ETF to just 3–5 weeks.
Following the news, SOL token prices immediately rose 4%, approaching the $165 mark. This reaction underscores the market's strong appetite for institutional-grade cryptocurrency products. Solana is currently the world’s sixth-largest cryptocurrency.
More notably, analysts suggest the SEC could begin approving certain crypto-related exchange-traded funds (ETFs) as early as next month, potentially ushering in a "token ETF summer."
Shift in SEC Stance
Notably, reports indicate the SEC has shown openness toward staking features in its filing revisions.
Two sources said regulators requested updates to language regarding in-kind redemptions and staking mechanisms, explicitly signaling willingness to include staking within Solana ETF structures.
This shift is major positive news for investors relying on staking yields. The SEC must make a decision by July 2, with Bloomberg analysts assigning a 90% probability of approval.
Major asset managers including Grayscale, VanEck, 21Shares, Canary Capital, Bitwise, and Franklin Templeton have all submitted Solana ETF applications to the SEC.
Grayscale is seeking to convert its SOL trust into a spot ETF, replicating the successful model it used for its Bitcoin and Ethereum ETFs.
As previously reported by Wall Street Insights, Solana initially gained widespread attention due to support from former crypto billionaire Sam Bankman-Fried. In 2022, after the collapse of his crypto exchange FTX and affiliated Alameda Research fund, Solana’s survival was questioned. However, thanks to its lower fees compared to competitors, Solana has made a strong comeback.
The Token ETF Summer Is Coming
Analysts believe the U.S. Securities and Exchange Commission (SEC) may start approving crypto-related ETFs as early as next month, marking the beginning of a "token ETF summer."
Bloomberg senior ETF analyst Eric Balchunas posted on social media X Tuesday a report from colleague James Seyffart stating, “ETFs tracking broad crypto indices could be approved by the SEC as early as next month.”
The report also noted the SEC might take “early action” on Solana and staking-enabled ETF applications. Balchunas urged investors to “prepare for a potential altcoin ETF summer, with Solana likely leading the charge.”
Additionally, Duncan Moir, President of 21Shares, said at the Proof of Talk institutional capital roadmap event in Paris that “basket products will become more interesting” as more asset managers enter the crypto ETF race.
He noted that when investors are uncertain which cryptocurrency will emerge as the winner, buying a basket product becomes a “no-brainer choice.”
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