Asset manager CoinShares has formally submitted an application to the U.S. Securities and Exchange Commission (SEC) seeking approval for a Solana-based Exchange-Traded Fund (ETF).
The proposed ETF aims to track the price of Solana’s native token, SOL, and would be listed on the Nasdaq stock exchange. This filing represents a significant step towards providing regulated access to Solana for institutional investors.
Bloomberg ETF analyst Eric Balchunas estimates a 70% probability of Solana ETF approval this year. This assessment cites increasing regulatory clarity surrounding cryptocurrencies and the precedent set by the successful launches of Bitcoin and Ethereum ETFs.
Solana’s technological attributes, including high transaction throughput and low costs, contribute to its appeal as a leading altcoin. The filing positions Solana alongside Bitcoin and Ethereum as a major cryptocurrency attracting institutional investment vehicles.
CoinShares enters a competitive field, joining firms like Fidelity and Grayscale that are also pursuing altcoin-focused ETFs. This trend is driven by rising investor demand and a perceived easing of regulatory hurdles for certain digital assets.
At the time of reporting, Solana’s price traded near $156.87, reflecting a 4% gain over the previous 24 hours. The token reached a peak price of $293.31 earlier in the year.