There's now a 90% chance that the US Securities and Exchange Commission will approve a Solana ETF in 2025

The US Securities and Exchange Commission is now more likely than not to approve a Solana ETF by the end of 2025, according to a new estimate from Bloomberg Intelligence.

There’s a 90% chance that the SEC will grant approval, up from 70% earlier this year, the Bloomberg ETF analysts, Eric Balchunas, said in a recent post. Several other altcoin ETFs also saw their approval odds increase.

Six asset managers have filed to launch Solana ETFs, the post on April 30 adds. Bidding issuers are Grayscale, VanEck, 21Shares, Canary, Bitwise and Franklin.

Canary, Grayscale and Coinshares have also filed for their own Litecoin ETFs. Meanwhile, 6 firms are bidding for their own XRP ETFs.

Grayscale, Bitwise and 21Shares have also filed for their own DOGE ETFs.

Balchunas and his colleague, James Seyffart, previously put the chances of approving a Litecoin ETF at 90%, which remains unchanged from February.

The SEC may be planning to treat many of these tokens as commodities, which could increase their chances of approval, Balchunas said in another post.

Several of the tokens on the list, such as Solana, are already being traded on the commodities markets, such as the CME Group.

Earlier this year, SEC chair Gary Gensler said that the SEC has already approved several cryptocurrency-linked products, such as bitcoin futures and exchange-traded futures products.

However, applying for spot bitcoin and altcoin ETFs has proven to be more difficult for asset managers. Several of their applications have been rejected over the past few years.

Despite the SEC’s actions, some crypto firms remain optimistic about the possibility of more products being approved in 2025.

"Despite the SEC's recent actions to reject several spot bitcoin ETF applications, we remain optimistic about the possibility of more products being approved in 2025," a spokesperson for Coinshares told Bloomberg in March. "We believe that the SEC is ultimately interested in protecting investors and that they will come to see the value in approving these products."