SEC Begins Review of Spot Solana ETF Applications with October Deadline 📈
The U.S. Securities and Exchange Commission (SEC) has commenced its review process for spot Solana ETF applications submitted by entities such as VanEck, 21shares, Bitwise, Canary Capital, and Grayscale. The SEC has a 240-day deadline extending to October to reach a decision on these filings.
Analysts from Bloomberg have estimated a 70% chance of approval for these ETFs. The likelihood of approval could increase further if existing security-related lawsuits involving Solana are resolved favorably.
Solana's network earned $750 million in fees in 2024, positioning it as the third largest in earnings behind Bitcoin and Ethereum.
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