The SEC has acknowledged Grayscale's amended application for a spot Solana (CRYPTO:SOL) ETF, marking a shift from its previous stance.
Analysts consider this a significant development for Solana ETFs.
Bloomberg ETF analyst James Seyffart noted that the SEC had previously refused similar filings.
Fellow Bloomberg ETF analyst Eric Balchunas called it "notable," attributing it to leadership change within the SEC.
The SEC now has until October to decide on Grayscale's application.
Previously, the SEC, under Gary Gensler, rejected spot Solana ETFs because they were incorrectly filed as commodity trust shares.
Ongoing lawsuits alleging that Solana is an unregistered security further complicated the review process.
Seyffart had predicted that a spot Solana ETF approval could take until 2026.
The SEC also acknowledged other crypto ETF applications, including Grayscale’s Litecoin ETF and BlackRock’s proposal for in-kind creations and redemptions for its iShares Bitcoin (CRYPTO:BTC) ETF.
Cboe submitted filings to list and trade XRP (CRYPTO:XRP) ETFs from Bitwise, 21Shares, Canary Capital, and WisdomTree.
Seyffart believes Litecoin (CRYPTO:LTC) is likely the next crypto ETF to gain SEC approval after Bitcoin and Ethereum (CRYPTO:ETH).
JPMorgan estimates a spot Solana ETF could attract $3 billion to $6 billion in net assets within the first year.
Polymarket estimates a 39% chance of SEC approval for a spot Solana ETF before July 3.
At the time of reporting, the Solana (SOL) price was $191.40.