- The SEC acknowledged multiple Solana ETF filings, signaling progress for altcoin-based financial products.
- Bloomberg analysts estimate a 70% chance of Solana ETF approval under the crypto-friendly U.S. administration.
- A key hurdle remains whether the SEC classifies Solana as a commodity or a security, which could impact approval.
The U.S. Securities and Exchange Commission (SEC) just took another step toward bringing Solana-based exchange-traded products (ETPs) to market. On Tuesday, the regulator officially acknowledged several filings for spot Solana ETFs, a sign that momentum around altcoin-based financial instruments is picking up.
Cboe BZX Exchange submitted rule change proposals to list and trade spot Solana ETFs from multiple issuers—21Shares, Bitwise, Canary Capital, and VanEck. If this sounds familiar, that’s because it mirrors the same process that played out when firms were pushing for spot Bitcoin ETFs.
Tuesday’s filings follow similar submissions from last month, which came after previous Solana ETF applications were outright rejected. But now, with a U.S. government that appears far more crypto-friendly since President Donald Trump took office, optimism is growing. Many believe ETFs for other altcoins—XRP, Litecoin, Dogecoin, and Solana—are now on the fast track for approval.

On Monday, Bloomberg ETF analysts James Seyffart and Eric Balchunas estimated a 70% chance that Solana ETFs will get the green light from the SEC. That’s a big leap from the skepticism that surrounded altcoin ETFs just a year ago.
Franklin Templeton Joins the Race
The competition isn’t slowing down. Franklin Templeton, a major asset management firm, made its move on Tuesday, filing paperwork in Delaware to register the Franklin Solana Trust. This signals yet another major player betting on Solana’s future in the ETF market.
Meanwhile, the SEC has begun seeking public comments on a proposal to list and trade shares of the Grayscale Solana Trust, which is expected to convert into an ETF. If history repeats itself, this could follow the same path as Grayscale’s Bitcoin Trust, which successfully transitioned into an ETF last year.
The Commodity vs. Security Debate
Despite all the excitement, there’s still one looming question: how will the SEC classify Solana? While the regulator under its new leadership seems more open to crypto, it may not treat Solana the same way it did Bitcoin and Ethereum.
The long-running debate over whether Solana should be considered a commodity or a security could complicate the approval process. A misclassification could delay things or, worse, derail ETF approvals altogether. For now, though, the market seems optimistic that change is coming—and fast.