Solana (SOL) and Litecoin (LTC) Spot ETFs Have the Highest Odds of SEC Approval

Analysts at Bloomberg recently updated their predictions for the approval of pending applications for spot cryptocurrency exchange-traded funds (ETFs) in the US.

Analysts at Bloomberg recently updated their predictions for the approval of pending applications for spot cryptocurrency exchange-traded funds (ETFs) in the US. In the data James Seyffart, ETF Research Analyst at Bloomberg Intelligence, shared through a recent social media post, investment products tracking Solana (SOL) and Litecoin (LTC) prices have the highest chances of getting the US Securities and Exchange Commission’s (SEC) nod.

Solana and Litecoin ETFs Have 90% Odds Of Approval

As the table showed, SOL and LTC ETFs have 90% odds of approval. These assets have final deadlines in October.

The Bloomberg ETF expert attributed their high chances of getting the go signal due to the SEC’s acknowledgment of these assets as commodities. Additionally, they already have futures products regulated by the Commodity Futures Trading Commission (CFTC).

The issuers of Solana ETFs include Grayscale, VanEck, 21Shares, Canary, Bitwise, Franklin Templeton, and Fidelity. The Litecoin ETF applicants are Canary, Grayscale, and CoinShares.

Sharing the same likelihood of approval were the basket exchange-traded products (ETPs) from Grayscale, Bitwise, Hashdex, and Franklin Templeton. These were filed in October last year, so their final deadline will arrive earlier than the SOL and LTC ETFs. Their verdict will come early next month.

Seyffart’s footnote on his spreadsheet indicates, though, that the dates were estimates. Hence, the SEC’s decision on the mentioned crypto ETFs may come earlier.

Hot on the trail of the Solana and Litecoin ETFs were their counterparts from XRP, with 85% chances of approval, and Dogecoin (DOGE), with 80% odds.

Solana ETF Update

Earlier this week, Eric Balchunas, Senior ETF Analyst at Bloomberg, shared the same sentiment as Seyffart. Moreover, he claimed that the approval of these investment products could trigger a potential “altcoin ETF summer.” He believes SOL will benefit the most from the upcoming milestone in the US crypto landscape.

It’s worth noting that the SEC delayed its decision on Grayscale’s bid for a Solana ETF in May. However, reports surfaced that the regulator has been engaging with the issuers of the SOL-based investment products.

Recently, the SEC asked the SOL ETF applicants to update their documents to clarify the terms of their proposed in-kind redemptions and staking provisions. Nevertheless, sources pointed out that the regulator is open to including the new mechanics in the upcoming crypto investment products.

Furthermore, there were suggestions that Solana ETFs may even overtake the approval of Litecoin ETFs. There’s a possibility that the SEC may not wait until the last quarter of the year to decide on them, and it may even lay down its verdict ahead of time by July.