Solana Spikes 4% As Report Signals Possible Green Light For ETF— Analyst Sets Approval Odds At 90%
The Securities and Exchange Commission asked for revised S-1 forms from potential issuers of Solana (CRYPTO: SOL) spot Exchange-Traded Funds, according to a report dated Tuesday.
What Happened: The SEC requested updated S-1 forms from prospective ETF issuers within the next week and told them that it will provide feedback within 30 days of the submission, Blockworks reported, citing sources familiar with the matter.
The SEC’s request specifically pertains to updates on language related to in-kind redemptions and the approach towards staking. The agency is receptive to the inclusion of staking as part of Solana ETFs.
According to the report, these updates could put Solana ETFs on pace for approval within three to five weeks.
The SEC didn’t immediately return Benzinga’s request for comment.
See Also: XRP Price Rises Amid Nasdaq Index Addition, Weak On-Chain Metrics Raise Concerns
Why It Matters: Bloomberg analyst James Seyffart said in a report that the SEC “may act early” on spot Solana ETFs. The approval odds stood at 90% as of this writing.
Well-known asset managers like VanEck, Bitwise, and Grayscale have filed applications for Solana ETFs.
Grayscale already operates its Grayscale Bitcoin Trust (NYSE:GBTC) and Grayscale Ethereum Trust ETF (NYSE:ETHE). Visit Benzinga Edge Stock Rankings to check out their latest momentum and growth-related metrics.
Price Action: At the time of writing, Solana traded at $166.68, up 4.68% in the last 24 hours, according to data from Benzinga Pro.
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