The cryptocurrency world is once again in turmoil, and this time it's Solana (SOL) taking center stage. The U.S. Securities and Exchange Commission (SEC) announced yesterday that it has postponed a decision on Grayscale's application to launch an exchange-traded fund (ETF) based on this asset.
The SEC said it has delayed reviewing Grayscale's application to issue a Solana fund, citing the need to further analyze the legal and public policy issues raised by the proposal.
“The initiation of these proceedings is appropriate given the issues involved. This does not imply that the commission has made a final decision,” the agency clarified.
To encourage informed debate, the SEC invited all interested parties to submit written comments within 21 days and allowed an additional 35 days for responses to comments received. Grayscale formalized its application on April 4, 2025, registering with the SEC its intention to list the ETF on the New York Stock Exchange (NYSE) under the symbol GSOL.
The filing details a product designed to offer investors direct exposure to the price of Solana without having to purchase the cryptocurrency on exchanges. This move seeks to capitalize on the growing institutional interest in digital assets, a segment that has gained traction following the approval of ETFs for Bitcoin (BTC) and Ether (ETH), Ethereum's cryptocurrency, in 2024.
Solana has a career with multiple competitors
Grayscale isn't alone in its commitment to Solana. Five other renowned firms VanEck, Canary Capital, 21Shares, WisdomTree, and Franklin Templeton have also filed applications with the SEC to launch their own SOL-based ETFs, as reported by CriptoNoticias.
This competition underscores the appeal of Solana, whose network is known for its ability to process thousands of transactions per second at low costs, positioning it as a solid alternative to networks like Ethereum.
Additionally, the SEC also delayed a decision on another Grayscale application: a litecoin (LTC)-based ETF. Among the 72 pending cryptocurrency ETF proposals, litecoin is emerging as the favorite to win approval in the near term.
According to James Seyffart and Eric Balchunas, senior analysts at Bloomberg Intelligence, there is a 90% chance that a spot litecoin ETF will be approved before the end of 2025.
Litecoin, Solana, XRP and Dogecoin are cryptocurrencies with a high chance of having an ETF in 2025. Source: James Seyffart – X.
The market is betting on Solana's future.
The market reaction to the SEC's announcement was immediate. Solana's value increased 4% following the news and has accumulated 22% growth over the past seven days, reflecting investor confidence in the regulatory process.
This optimism is based on the perception that the SEC's delays signal a thorough review, similar to the one that preceded the approvals of Bitcoin and Ether ETFs in 2024. These steps signal a regulatory environment that, while cautious, is opening the door to new asset classes.
Projections for 2025 reinforce this outlook. According to Bloomberg analysts, Solana has a 70% chance of having an ETF approved, surpassed by Dogecoin (DOGE) at 75% and followed by Ripple's XRP at 65%.
A strong political backing
One factor strengthening Solana's position is the support of US President Donald Trump. In March 2025, Trump announced the creation of the first national cryptocurrency reserve, which will include Solana along with Bitcoin, XRP, and ADA.
This initiative, according to the president, seeks to position the United States as “the cryptocurrency capital of the world.” This political backing not only raises SOL's profile but also sends a positive signal to regulators and the market about the strategic importance of digital assets.
Despite the enthusiasm, the trajectory of cryptocurrencies shows that optimism must be tempered with caution. ETFs represent an opportunity to attract institutional capital, increase adoption, and provide greater legitimacy to digital assets, but they don't guarantee sustained price growth. The inherent volatility of the market and regulatory uncertainty are reminders that progress, while promising, is not without risk.
As the SEC continues its analysis and the market awaits decisions, Solana is at a pivotal moment. The possibility of an ETF could solidify its place among the leading cryptocurrencies, but the path to that goal is fraught with challenges.
