The odds of the U.S. Securities and Exchange Commission’s approval of a spot Solana exchange-traded fund (ETF) have surged, with predictions reaching 71%, according to Polymarket. This increase from last week’s 58% and last month’s 50% is largely attributed to the upcoming leadership change with President-elect Donald Trump, who has nominated Paul Atkins as the SEC chair. Trump’s crypto council is also taking shape with appointments such as Bo Hines as executive director and David Sacks, a former PayPal executive, as “crypto czar.”
A potential Solana ETF approval would follow past rejections by the SEC under Gary Gensler, who deemed Solana an unregistered security. Investors are hopeful that the new administration will take a different approach.
Meanwhile, VolatilityShares has filed for futures-based Solana ETFs, offering varying exposures to the currency, despite the absence of current Solana futures. This move, noted by Bloomberg’s Senior ETF analyst Eric Balchunas, indicates potential future developments in Solana futures, which could bolster the case for spot ETFs.
Solana, now the sixth-largest cryptocurrency with a market cap exceeding $90 billion, has significantly impacted the blockchain sector. Its decentralized exchange protocols, such as Raydium and Orca, have handled massive volumes, underscoring Solana’s growing influence.
Investors’ interest in Ethereum ETFs further suggests a promising outlook for Solana ETFs, as similar patterns of investment could emerge. As cryptocurrency markets evolve, developments in regulatory approvals and product offerings will be keenly watched by market participants.
