Multiple Firms Submit Solana (SOL) ETF Applications to the SEC, Review Process Begins

Multiple financial firms have submitted applications for Solana exchange-traded funds (ETFs), marking a new phase in the cryptocurrency's integration with traditional finance.

Multiple financial firms, including VanEck, 21Shares, Bitwise, and Canary Capital, have submitted applications for Solana (SOL) exchange-traded funds (ETFs) with the Securities and Exchange Commission (SEC). These submissions follow Grayscale’s earlier filing for a Solana ETF, which was added to the Federal Register on February 12, 2025.

The filings mark a new stage in the integration of cryptocurrency with traditional finance. The SEC now has 240 days to review these proposals, setting up a series of key decisions expected by October 2025.

Multiple financial firms have submitted applications for Solana (SOL) exchange-traded funds (ETFs) with the Securities and Exchange Commission (SEC). These submissions follow Grayscale’s earlier filing for a Solana ETF, which was added to the Federal Register on February 12, 2025.

The filings mark a new stage in the integration of cryptocurrency with traditional finance. The SEC now has 240 days to review these proposals, setting up a series of key decisions expected by October 2025.

The applications from VanEck, 21Shares, Bitwise, and Canary Capital were added to the Federal Register on February 18, 2025. These filings follow a sequence of events that began early February. On February 6, the SEC acknowledged Grayscale’s Solana ETF amendment, which was later followed by the four additional filings on February 11. This established a clear regulatory timeline for all five proposals.

The path to potential approval comes during a challenging period for Solana. The cryptocurrency experienced a 42% decline year-to-date as of February 18, 2025, partly due to market reaction to events surrounding the LIBRA memecoin promotion by Argentinian President Javier Milei.

However, market analysts have expressed optimism about the approval chances. According to Bloomberg ETF analysts Eric Balchunas and James Seyffart, the probability of approval for the Solana ETFs stands at 70%. This estimate could increase if current legal challenges regarding SOL’s classification as a security are resolved.

Moreover, data from Polymarket shows even higher confidence, placing the approval probability at 84% for 2025. This market sentiment reflects growing optimism in the cryptocurrency sector following recent regulatory developments.

The SEC’s current approach to cryptocurrency regulation appears to be evolving. The commission has reduced its aggressive stance on crypto-related lawsuits, which many observers interpret as a positive sign for ETF approvals.

Solana Price Analysis

The price of Solana’s native token (SOL) has shown resilience during this period. As of the latest market data, SOL trades at $172.83, recording a 0.77% increase over 24 hours and a 42% decrease year-to-date, according to CoinMarketCap.

Solana’s native token experienced a 42% decline year-to-date as of February 18, 2025, partly due to market reaction to events surrounding the LIBRA memecoin promotion by Argentinian President Javier Milei.

The broader cryptocurrency ETF landscape continues to evolve. Late 2024 predictions from Balchunas and Seyffart suggested a wave of crypto ETF approvals might include other tokens like Hedera (HBAR), Litecoin (LTC), and XRP.

Canary Capital, which is also behind the upcoming AXL trust, filed for the ETF on February 18. The trust will offer institutional and accredited investors exposure to solana (SOL) tokens, with Coinbase as the designated custodian.

This marks the first investment vehicle focused on blockchain interoperability protocols. By early 2025, Axelar had established itself as the 11th largest blockchain by total value locked (TVL), which exceeded $1 billion.

Multiple financial firms, including major investment firms like Pantera Capital, expressed support for solana in the ETF market. Each applicant brings unique features to their ETF proposals, which could influence the SEC’s decision-making process as they evaluate the applications over the coming months.

The October 16, 2025, deadline for Grayscale’s application serves as a key date for the industry. This decision could set precedents for subsequent Solana ETF applications and future cryptocurrency investment products.

The current review process follows established SEC procedures, which entail thorough evaluation of each application’s compliance with regulatory standards, investor protection measures, and market manipulation safeguards.