Solana ETF: Staking Inclusion Boosts Approval Odds
Solana ETF Filings Include Staking
Recent delays by the SEC in approving altcoin ETFs have created uncertainty. However, data from Polymarket suggests a positive outlook for several altcoin ETFs, including Solana.
- Solana ETF applicants, including Bitwise, Canary, and Grayscale, have amended their S-1 filings to include staking.
- Polymarket shows a 91% probability of Solana ETF approval by 2025.
Addressing SEC Concerns
The addition of staking to Solana ETF filings aims to directly address SEC concerns. This feature allows funds to earn rewards by staking the Solana they hold. While this proactive step has been taken, Reuters reports the SEC isn't rushing approval.
Bloomberg analyst James Seyffart notes that a back-and-forth between the SEC and issuers is likely before any approvals, similar to the process with Bitcoin ETFs.
Historical Context: Bitcoin ETF Approvals
The path to spot Bitcoin ETF approval took over a decade. This highlights the lengthy and complex regulatory process involved. For Solana, VanEck, amongst others, was one of the last firms to update filings to include staking.
BlackRock's Absence
BlackRock's absence from the Solana ETF race is noteworthy. Analyst Seyffart suggests BlackRock might enter the market later, but likely not in the initial wave of approvals.
Market Sentiment and SOL Price
Despite SEC delays, market sentiment remains bullish. Polymarket data indicates a strong 91% probability of a Solana ETF approval in 2025. Solana's price reflects this optimism, trading at $146.40 with a modest daily increase, according to CoinMarketCap.
It's important to note that delays don't necessarily signal rejection. Analyst James Seyffart suggests that approvals may not be seen until late June/July at the earliest or more likely early Q4 2024.
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