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Highlights
- VanEck’s Solana ETF is listed on DTCC, signaling potential SEC approval soon.
- SEC approval odds for Solana ETFs hit 90%, per Bloomberg analysts.
- Solana ETFs are gaining traction, with more asset managers entering the race.
VanEck’s proposed spot Solana exchange-traded fund (ETF) has been listed on the Depository Trust and Clearing Corporation (DTCC) website. This development is seen as a strong signal that the U.S. Securities and Exchange Commission (SEC) may soon approve the fund.
The listing appears under the ticker VSOL and is part of the DTCC’s “active and pre-launch” funds section. However, the DTCC indicates that the fund cannot yet be created or redeemed, as it awaits regulatory approval.
VanEck’s Solana ETF Positioned for Approval
According to the DTCC, the ETF cannot be processed until it receives SEC approval. However, the mere presence of VanEck’s spot Solana ETF on the list is seen as a positive indicator for its potential future approval.
The listing underlines that regulatory scrutiny is ongoing, but the fund’s inclusion suggests that a decision from the SEC could be imminent.
In the past, the SEC has been conservative in approving spot crypto-based ETFs. Although Bitcoin and Ethereum spot ETFs have received approval, yet other crypto assets, such as Solana, have not. Therefore, listing of VanEck ETF in the DTCC site might be a significant milestone in the wider acceptance of cryptocurrency ETFs in the U.S.
What the DTCC Listing Means
VanEck reported the inclusion of the Solana ETF to the DTCC as a sign that the fund is nearing the launch process. Nonetheless, the fact that listing ETF is displayed on the DTCC web does not mean that the SEC is going to approve it.
The listing only implies that the fund is in the pipeline of legislation. The inability of the DTCC to handle the funds during this phase implies that the ETF is not yet functioning, but is under pre-launch review.
This listing cannot be overemphasized, since it is usually followed by the ultimate consent procedure. Further actions of the SEC will play a decisive role in whether Solana ETFs will become a popular investment product.
SEC’s Potential Approval of Solana ETFs
According to Bloomberg analysts, James Seyffart, and Eric Balchunas, SEC could possibly give the greenlight to Solana ETFs in the coming few months. This forecast is mostly backed by the good performance of Solana on the market and the announcement of the Solana futures listing by the CME.
The SEC has been discussing with ETF issuers to revise their S-1 filings, which are required to get regulatory approval. James Seyffart of Bloomberg commented that while there is some uncertainty around the exact timeline, he would not be surprised if approvals for Solana ETFs occurred in the next month or so.
This implies that the agency is moving actively towards assessment of these products. Concurrently, according to Polymarket, the odds of approval for a Solana ETF have risen to 91%. Additionally, Bloomberg analysts have echoed similar sentiments, placing the odds of SEC approval for a Solana ETF at around 90%.
Growing Industry Interest in Solana ETFs
With the market of cryptocurrency ETFs increasingly expanding, an increasing number of companies are jumping into the race to bring Solana-related funds.
Besides VanEck, other asset managers have made their proposal regarding Solana ETFs, such as CoinShares and Bitwise, with some experiencing delays, like the Franklin Templeton SOL ETF last night.
Indicatively, several of these companies have modified their filings to incorporate staking options, an indicator of the growing desire to offer a wider range of products in the crypto ETF market.
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