The U.S. Securities and Exchange Commission (SEC) has acknowledged a recent Solana ETF application proposed by Canary Capital.
This comes after the SEC also acknowledged Grayscale's Solana ETF filing earlier this month.
Franklin Templeton has also registered a new Delaware entity, which indicates that it is likely preparing to join the Solana ETF race in the near future.
As reported by U.Today, VanEck was the first to propose a Solana ETF back in June. Since then, several other issuers have followed suit.
Bloomberg analysts currently see a 70% chance of such a product being approved. Last December, the SEC refrained from approving Solana ETF filings. However, the industry is hopeful that the new administration will be more open to the idea of approving more altcoin ETFs after greenlighting spot Ether ETFs last summer.
Alex DovbnyaAs reported by U.Today, BlackRock, the biggest ETF player, has stated that it would not explore a Solana ETF.
The uncertain regulatory status of the SOL token appears to be the main hindrance on the road to approval. It is worth noting that the token was repeatedly named as a security in several SEC lawsuits.
The SOL price is currently down 3.1% despite the most recent acknowledgment.
Alex Dovbnya
Dan Burgin
Vladislav Sopov