SEC’s delays imply that proposals are being thoroughly reviewed.
This was the same path that Bitcoin and Ether’s ETF crossed, already approved.
The world of cryptocurrencies is again in effervescence, and this time the prominence falls in Solana (Sol). The United States Stock Exchange and Securities Commission (SEC) announced yesterday that it postponed the decision on the application of the Grayscale company to launch a quoted fund (ETF) based on this asset.
The SEC reported that delayed the evaluation of the Grayscale application to issue a solar fund, arguing the need to analyze more deeply the legal and public policy aspects raised by the proposal.
“The beginning of these procedures is appropriate due to the issues involved. This does not imply that the commission has made a final decision,” said the entity.
To promote an informed debate, The SEC invited all interested parties to present comments in writing within 21 days and set 35 days additional for replicas to the opinions received.
Grayscale formalized his application on April 4, 2025, registering before the SEC his intention to list the ETF in the New York Stock Exchange (NYSE) under the Gsol symbol.
The presentation details a product designed to offer investors direct exhibitions to the price of Solana without the need to acquire the cryptocurrency in exchanges. This movement seeks to capitalize on the growing institutional interest in digital assets, A segment that has gained traction after the Bitcoin (BTC) and Ethher (ETH), ETH -cryptocurrency approval of Ethereum in 2024.
Solana has a race with multiple competitors
Grayscale is not alone in his commitment to Solana. Five other renowned firms – Vaneck, Canary Capital, 21Shares, Wisdomtree and Franklin Templeton – also submitted applications to the SEC to launch their own ETF based on sun, as cryptooticies reported.
This competition underlines Solana’s attraction, whose network is recognized for its ability to process thousands of transactions per second at low cost, positioning it as a solid alternative to networks like Ethereum.
In addition, the sec too delayed the decision On another Grayscale request: an ETF based on Litecoin (LTC). Among the 72 ETF proposals of pending cryptocurrencies, Litecoin is emerging as the favorite to obtain approval in the short term.
According to James Seyffart and Eric Balchunas, Bloomberg Intelligence senior analysts, There is 90% of probability that an ETF from Litecoin in cash be authorized before the end of 2025.
The market is committed to the future of Solana
The market reaction to the SEC’s announcement was immediate. Solana registered a 4% increase in its value after the news and accumulated a growth of 22% in the last seven days, reflecting the confidence of investors in the regulatory process.
This optimism is based In the perception that the delays of the SEC indicate an exhaustive review, similar to that preceded by the Bitcoin and Ether’s approvals in 2024. These steps are signs of a regulatory environment that, although cautious, is opening the doors to new kinds of assets.
The projections for 2025 reinforce this perspective. According to Bloomberg analysts, Solana has a 70% probability of having an approved ETFsurpassed by Dogecoin (Doge) with 75% and followed by Ripple XRP with 65%.
A political support
A factor that strengthens Solana’s position is the support of the president of the United States, Donald Trump. In March 2025, Trump announced the creation of the First National Cryptocurrency Reserve, which will include Solana together with Bitcoin, XRP and ADA.
This initiative, according to the president, seeks to position the United States as “the world capital of cryptocurrencies.” This political support not only raises the sun’s profile, but also sends a positive signal to regulators and the market on the strategic relevance of digital assets.
Despite the enthusiasm, the path of cryptocurrencies teaches that optimism should be tempered with caution. ETFs represent an opportunity to attract institutional capital, increase adoption and provide greater legitimacy to digital assets, But they do not guarantee a sustained increase in prices.
The volatility inherent in the market and regulatory uncertainty are reminders that progress, although promising, are not exempt from risk.
While the SEC continues its analysis and the market expects definitions, Solana is in a pivotal moment. The possibility of an ETF could consolidate its place among the main cryptocurrencies, but the way to that goal is full of challenges.
