SEC to Decide on Multiple Solana Fund Filings by October

Several spot Solana ETF filings have reached an official review phase by the US Securities and Exchange Commission (SEC). 

Filings from VanEck, 21Shares, Bitwise and Canary Capital were published in the Federal Register on February 18, opening a 240-day window for the regulator to either greenlight or reject them. 

Grayscale also submitted an amendment to list a Solana fund, which the SEC acknowledged separately on February 12, setting an October deadline for its decision.

Related: US SEC Acknowledges Bitwise Spot XRP ETF; XRP $5 Soon? 

A Crucial Time For Solana

SOL’s market value has slid notably in recent months. Many observers trace part of the decline to the collapse of the LIBRA memecoin, but other factors like waning interest in memecoins and lower DEX activity on the Solana ecosystem have contributed to a 42.6% drop from its all-time high of US$294.3 (AU$463).

Nonetheless, Bloomberg analysts Eric Balchunas and James Seyffart project a 70% chance that these Solana ETF proposals will be approved, especially if pending legal questions around SOL’s regulatory classification are resolved. He also gives Litecoin a 90% chance.

If approved, a spot Solana ETF could send SOL to US$500 (AU$788) or higher, according to digital asset manager VanEck.

Similarly, Nasdaq’s filing for the CoinShares XRP ETF has entered an important stage, as the SEC has acknowledged the filing.

This recognition, tied to submitting a Form 19b-4 for both XRP and Litecoin ETFs, launches a 21-day window for public comments once the plan is posted in the Federal Register. At the close of that period, the SEC will choose whether to approve, deny, or conduct additional assessments of the proposed ETF.

Related: Money Laundering Crackdown: AUSTRAC Puts 50 Firms, Including Crypto Exchanges, On Notice