- Solana ETF filings now include staking to address SEC concerns.
- Polymarket shows 91% odds for Solana ETF approval in 2025.
The U.S. Securities and Exchange Commission’s recent delays in approving a range of altcoin ETFs have stirred uncertainty within the crypto community, fueling speculation about what these postponements mean.
Despite the rising fear, uncertainty, and doubt (FUD), data from Polymarket offers a contrasting perspective, suggesting several altcoin ETFs remain poised for potential approval.
Solana ETF applicants filed an S-1 with the SEC
In response to ongoing regulatory scrutiny, major asset managers Bitwise, Canary, and Grayscale have taken a proactive step by amending their Solana [SOL] ETF filings to include staking.
This feature would allow funds to earn rewards by staking the Solana held in custody.
These updated S-1 filings aim to address the SEC’s concerns, but according to a source cited by Reuters, the agency appears to be in no rush to greenlight the launches.
Remarking on this, Bloomberg analyst James Seyffart said,
“I think there needs to be a back and forth with the SEC and issuers to iron out details, so I doubt it. If anyone remembers the Bitcoin ETF launch, there were *A LOT* of filings over the preceding couple months before launch.”
Bitcoin ETF also faced the same kind of delays
While the spotlight remains on the growing number of amended Solana ETF filings, it’s worth recalling that the journey for spot crypto ETFs in the U.S. has been long and hard fought.
Spot Bitcoin [BTC] ETFs gained approval only in January 2024, more than ten years after Gemini’s Tyler and Cameron Winklevoss submitted the original application back in 2013.
In the case of Solana, VanEck was the first U.S.-based firm to propose a spot ETF in mid-2024, and interestingly, one of the last to revise its S-1 filing to incorporate staking provisions.
BlackRock is not into altcoin ETFs
Interestingly, BlackRock is absent in the Solana ETF race, and this silence raises questions about the firm’s intentions in the altcoin ETF space.
Expressing on the matter, Seyffart noted,
“They haven’t yet. But I would not be surprised if they were to eventually do that. But right now it doesn’t seem like they will be in the first wave (whenever these launch).”
Polymarket trend and SOL’s price action
Despite the SEC’s apparent lack of urgency around altcoin ETF approvals, market sentiment remains strikingly optimistic.
According to Polymarket data, the odds of a Solana ETF being approved in 2025 stood at 91% at the time of reporting.
This bullish outlook appears to be mirrored in Solana’s performance, with the token trading at $146.40 following a modest 0.92% daily increase, as per CoinMarketCap.
While delays may suggest caution, they don’t necessarily signal denial.
As ETF analyst James Seyffart had aptly noted,
“Delays on spot crypto ETFs are expected. A bunch of XRP ETPs have dates in next few days. If we’re gonna see early approvals from the SEC on any of these assets — i wouldn’t expect to see them until late June or early July at absolute earliest. More likely to be in early 4Q.”
This shows that the lack of movement doesn’t equate to rejection, leaving the door open for approval despite regulatory hesitations.
