SEC Accepts Grayscale's Solana ETF Proposal for Review

The U.S. Securities and Exchange Commission (SEC) has taken a significant step towards potentially approving Grayscale Investments' proposal for a Solana (SOL) exchange-traded fund (ETF). The SEC has officially accepted the filing for review, opening the door for public commentary and regulatory scrutiny.

The filing, submitted on Thursday by NYSE Arca as a 19b-4 rule change request, marks a notable development given the SEC's previous stance on SOL-based ETFs. This is the first time an ETF application for an altcoin that the SEC had previously classified as a security has been formally accepted for review. The SEC's decision to review the filing comes after a leadership change at the agency.

As part of the regulatory process, the SEC has initiated a 21-day public comment period following the proposal's publication in the Federal Register. This phase allows industry stakeholders and market participants to submit feedback before the agency makes a final determination. The review period does not guarantee approval but is a crucial step in assessing the market impact and regulatory compliance of the proposed ETF.

Grayscale's move to introduce a Solana ETF aligns with broader efforts by asset managers to expand crypto investment products. The SEC is currently evaluating multiple Solana ETF filings, including those from VanEck, 21Shares, Canary, and Bitwise, alongside Grayscale's proposal. Additionally, there are ongoing reviews for spot ETFs based on XRP, with filings from Bitwise and 21Shares.

The potential approval of a Solana ETF coincides with optimistic market forecasts for the cryptocurrency. On Thursday, investment firm VanEck projected that Solana could reach $520 by the end of 2025, citing an increase in the global money supply and Solana's growing dominance in the smart contract sector.

Beyond price predictions, Solana's strong developer activity, rising decentralized exchange (DEX) volumes, and increasing network revenue reinforce its standing as a major player in blockchain innovation. These factors contribute to the argument that a Solana ETF could offer traditional investors an accessible and regulated way to gain exposure to the asset.