In 2024, now that the dust has settled following the approval and release of spot Bitcoin and Ethereum ETFs, the market now shifts its gaze towards the next monumental milestone: Solana ETF approvals.
Leading the pack in this dash have been VanEck and 21Shares, working to get Solana into traditional finance, and the race is heating up rapidly.
Matthew Sigel, VanEck’s Head of Digital Assets Research, has a bullish prediction about Solana’s future within the ETF market and, according to him, Solana is “the fastest, cheapest, decentralized database project that we can find.”
Now, institutional investors and large corporations are no longer content with Bitcoin and Ethereum alone; asset managers are looking to high-performance Layer 1 chains such as Solana. Supported by a robust developer community, lightning-fast transaction times, and increasing DeFi and NFT usage, Solana is becoming the most plausible altcoin to join the ETF club.
Why Solana Is ETF-Ready
Solana is also coming to be seen increasingly as the next natural candidate for an ETF due to its stellar performance, swift adoption, and burgeoning institutional demand.
With more than 65,000 transactions per second (TPS) and sub-second finality of blocks, Solana has one of the fastest, least expensive blockchain infrastructures today—something that makes it extremely desirable for developers and users. Its scalability as well as ultra-low fees have helped Solana become one of the biggest hubs for decentralized finance (DeFi), NFT marketplaces such as Magic Eden, and the fast-emerging universe of memecoins and social tokens.
These strengths have enabled Solana to reach such important milestones, including being among the top 5 blockchains in terms of total value locked (TVL) and daily active users in early 2024.
Large projects such as Helium, Render, and Star Atlas have moved or launched on Solana, confirming its technical strength and increasing significance. The platform has also gained mounting momentum with institutional-level infrastructure, such as Fireblocks integrations, Visa for stablecoin settlement, and backing from venture capital platforms and hedge funds.
With this momentum and market maturity, asset managers such as VanEck and 21Shares view Solana as a top contender for the next generation of spot ETFs—providing investors with access to a high-performing Layer 1 ecosystem beyond Bitcoin and Ethereum.
Also Read: Upcoming U.S. Crypto ETFs to Watch in 2025
Who has Filing Solana ETFs?
Now let’s talk about the best asset managers who can assist in creating a Solana ETF.
As Solana continues to prove itself with fast transactions, low costs, and a rapidly growing ecosystem, top asset managers are racing to bring it into the financial mainstream. Between 2024 and early 2025, several industry giants filed for Solana ETFs, underscoring rising institutional confidence in this high-performance blockchain.
VanEck Solana Trust
- Filed: June 2024
- Details: VanEck, a well-established name in the ETF space, was among the first to file for a Solana ETF. Building on its experience with Bitcoin and Ethereum ETFs, VanEck aims to lead in offering regulated Solana exposure. The SEC has acknowledged the filing, and the review process is underway.
21Shares Core Solana ETF
- Filed: June 2024
- Details: Following VanEck’s lead, 21Shares—a European-based crypto asset manager—filed for a Solana ETF in June 2024. Renowned for its expertise in crypto ETFs, 21Shares aims to broaden investor access to Solana. The SEC has formally acknowledged the filing, placing it in the queue for regulatory review.
Bitwise Solana ETF
- Filed: November 2024
- Details: Bitwise began its filing process in November 2024 by establishing a Delaware legal trust. It subsequently submitted an S-1 registration statement with the SEC, underscoring its commitment to launching a Solana ETF. The SEC has acknowledged Bitwise’s filing, marking the start of the regulatory review.
Grayscale Solana ETF
- Filed: January 2025
- Details: Grayscale, well-known for its crypto trusts, is seeking to convert its existing Solana Trust into an ETF. However, the SEC has currently delayed the decision, citing concerns over investor protection and market integrity. Despite this pause, Grayscale remains a leading player in the crypto asset management space.
Canary Capital Solana ETF
- Filed: Late 2024 to Early 2025
- Details: Canary Capital filed for a Solana ETF between late 2024 and early 2025. While this reflects growing interest in Solana-based investment products, the SEC has not yet acknowledged the filing, and its review status remains pending.
Franklin Templeton Solana ETF
- Filed: February 2025
- Details: Franklin Templeton submitted a Solana ETF filing in February 2025, marking a significant milestone as the firm expands its presence in the crypto space. The ETF is set to trade on the Cboe BZX Exchange, with Solana assets held in custody by Coinbase. The SEC has acknowledged the filing, beginning its formal review process.
Fidelity Solana ETF
- Filed: March 2025
- Details: In March 2025, Fidelity filed a Solana ETF with the Cboe BZX Exchange, with the SEC confirming receipt of the filing in April. What sets Fidelity’s proposal apart is its plan to stake a portion of its SOL holdings through trusted third-party providers, potentially generating yield—making it unique among the current filings.
These filings demonstrate that more institutions want to invest in Solana because it is able to process lots of transactions efficiently, charges low fees, and is expanding. As the SEC considers these applications, the outcome will significantly impact how Solana is integrated into mainstream financial markets.
Also Read: Exploring Blockchain Landscape: Top 5 Projects To Become ‘Next Solana’
SEC Outlook: Will Solana ETFs Be Approved?
The prospects for a spot Solana ETF approval appear strong, with current market forecasts and expert analyses suggesting a roughly 75% chance or higher that regulators will give the green light within 2025. This optimistic outlook reflects broader institutional enthusiasm for regulated crypto exposure, particularly for high-performance blockchains like Solana.
Bloomberg Intelligence, a leading financial research firm, has projected approval odds of 75% or more for a range of altcoin ETFs, including Solana. Analysts James Seyffart and Eric Balchunas, both respected voices in the ETF and crypto space, have specifically noted relatively high probabilities of approval for filings related to Solana, Litecoin, XRP, and Dogecoin. Seyffart tweeted a detailed breakdown of current filings and their approval chances, highlighting Solana ETFs from major asset managers such as Grayscale, VanEck, 21Shares, Canary Capital, and Bitwise. The approval odds for Solana ETFs are approximately 70%, reflecting strong confidence in regulatory acceptance within the near future.
According to data compiled by Polymarket prediction markets:
- There is an 82% chance that a Solana ETF will be approved sometime in 2025.
- A more immediate date, July 31, 2024, shows a lower approval chance of about 22%, suggesting the SEC might take a cautious approach but with eventual approval highly likely.
These forecasts underline that while short-term regulatory hurdles remain, the long-term outlook for Solana ETFs is very positive. Approval could open the floodgates for institutional capital inflows estimated between $3 billion and $6 billion, significantly boosting Solana’s market visibility, liquidity, and acceptance among traditional investors.
Also Read: Solana ETF To Be Approved in 2024? Factors That Could Change The SOL Game
What Could a Solana ETF Approval Mean for SOL’s Future?
If a Solana ETF gets approved, it could give SOL a big price boost as more investors—both institutional and retail—gain easy access to the token through traditional brokerage platforms. This would likely create fresh buying momentum and help push SOL’s value higher in the months following approval.
Beyond price, an ETF would add legitimacy to Solana, putting it in the same league as Bitcoin and Ethereum in many investors’ eyes. This could encourage more funds and big players to include SOL in their portfolios, driving long-term growth and adoption.
For everyday investors, a Solana ETF means simpler, safer access to this fast-growing blockchain without the hassle of crypto wallets or exchanges. Analysts predict SOL could rise 30% to 50% in the months after approval, making this a potentially exciting milestone for the token’s future.
Risks and Challenges
While the outlook for Solana ETFs is promising, there are some risks and challenges that investors and asset managers should keep in mind.
Regulatory Uncertainty: The SEC is still cautious about approving crypto ETFs, especially for altcoins. Concerns around investor protection, market manipulation, and overall market integrity could delay or block approval. Even if approved, regulations could change, affecting how these ETFs operate.
Market Volatility: Solana, like most cryptocurrencies, is known for price swings. Sudden drops or spikes in SOL’s price could impact ETF performance and investor confidence.
Technical Risks: Although Solana boasts fast speeds and low fees, it has faced network outages in the past. Any future technical issues could harm user trust and affect Solana’s adoption, indirectly impacting the ETF’s success.
Competition: Solana faces stiff competition from other Layer 1 blockchains like Ethereum and newer rivals. This competitive pressure might affect Solana’s long-term growth and relevance in the crypto space.
Investors should weigh these risks alongside the potential rewards when considering exposure to a Solana ETF.
Conclusion
The growing momentum behind Solana ETFs highlights a significant shift in the crypto investment landscape, moving beyond Bitcoin and Ethereum to embrace high-performance Layer 1 blockchains. With strong institutional interest and promising technological strengths, Solana is well-positioned for ETF approval in 2025. However, investors should remain mindful of regulatory hurdles, market volatility, and competition within the crypto space. If approved, Solana ETFs could unlock new capital flows and mainstream adoption, marking a major milestone for both Solana and the broader crypto market.
Also Read: Top Emerging Meme Coins on Solana You Haven’t Heard Of (Yet)
