VanEck’s Solana ETF Moves Closer to SEC Approval with DTCC Listing

VanEck’s proposed spot Solana ETF has officially appeared on the DTCC (Depository Trust and Clearing Corporation) website under the ticker “VSOL”. This development signals a major step toward potential SEC approval. The ETF is listed in DTCC’s “active and pre-launch” section, which means it can’t yet be created or redeemed until the U.S. Securities and Exchange Commission (SEC) gives the green light. However, its presence on the DTCC list is widely viewed as a bullish sign that approval may be near.

VanEck sees the listing as part of the launch process, even though it doesn’t guarantee approval. In the past, the SEC has been very conservative when it comes to approving spot crypto ETFs. Bitcoin and Ethereum have already jumped the fence, but Solana is still in line. This listing on DTCC, however, is a big milestone and indicates increasing momentum in Solana ETFs. On Polymarket, approval odds of a Solana ETF have increased to 91 percent, reflecting the confidence of analysts.

Analysts expect the SEC to approve Solana ETFs in the coming month, particularly with the CME set to launch Solana futures. Another indication of progress is that the SEC has been collaborating with issuers in updating their S-1 filings. As the demand for crypto ETFs increases, companies such as CoinShares, Bitwise, and Franklin Templeton are also entering the Solana ETF competition. Others are even incorporating staking capabilities, which are a sign of a wider investor base.

The listing on the DTCC could be the catalyst Solana ETFs require to become mainstream. This development underscores the growing interest and investment in the crypto market, particularly in Solana, which has been gaining traction due to its high-speed and low-cost transactions. The potential approval of a Solana ETF by the SEC would not only validate the asset but also open up new avenues for investors to gain exposure to the cryptocurrency market.