SEC's Evaluation of Solana ETF: A Turning Point for Altcoin Adoption by Institutions

The U.S. Securities and Exchange Commission (SEC) is approaching a verdict on several spot

(SOL) exchange-traded fund (ETF) proposals, with VanEck’s application making significant progress through key regulatory steps. The asset management firm submitted its Solana ETF application in June 2024, framing the fund as part of a wider movement toward institutional investment in alternative cryptocurrencies. Matt Sigel, who leads digital asset research at VanEck, estimated there is a "90% likelihood of approval by July 31, 2025," citing a more favorable regulatory environment under the Trump administration and the exit of former SEC Chair Gary Gensler Solana: VanEck Exec Predicts SOL ETF Launch: … [ 1 ].

Important dates for the SEC’s review process include January 23–25, 2025, when initial feedback is expected for applications from Grayscale and four other firms, including VanEck. Should there be further delays, a second review period is set for March 2025, with a final decision on Grayscale’s plan to convert its $134 million Solana Trust into an ETF scheduled for October 16, 2025 Solana ETF Approval Timeline: Key Dates to Watch … [ 2 ]. The SEC has asked applicants to update their S-1 forms, particularly regarding in-kind redemptions and staking, indicating increased attention to operational risks.

VanEck’s ETF, named VSOL, has been added to the Depository Trust & Clearing Corporation (DTCC) under a "pre-launch" label, signaling that infrastructure is in place for possible trading. Although this does not ensure approval, it demonstrates growing institutional interest in Solana-based investment products. The DTCC listing comes after similar actions for futures-based Solana ETFs (SOLZ and SOLT), highlighting the blockchain’s strong transaction capacity and active developer community.

Both regulatory changes and market forces are speeding up the approval process. The introduction of regulated Solana futures on Coinbase in 2025 addresses previous SEC worries about market manipulation, a concern previously seen with

and ETF approvals. Furthermore, data from Polymarket suggests there is an 89–95% chance of approval in 2025, pointing to strong institutional interest. VanEck’s application joins those from Grayscale, Bitwise, 21Shares, and Franklin Templeton, while is notably not among the applicants VanEck’s Solana ETF listed with DTCC as SEC … [ 4 ].

Market response to the ETF news has been varied. As of June 2025, Solana’s price (SOL) hovered around $147.93, showing a 3% decline in the past day, despite the DTCC listing. Analysts link this volatility to overall uncertainty in the crypto market and the SEC’s extended review period. However, past events—such as Bitcoin reaching a record high after its ETF launch in March 2024—indicate that regulatory approval could spark renewed investor enthusiasm Solana: VanEck Exec Predicts SOL ETF Launch: … [ 1 ].

Greenlighting a Solana ETF would be a significant milestone for altcoin adoption, granting both retail and institutional investors regulated access to a blockchain supporting over 1,000 active applications. VanEck’s proposal, along with those from competitors, demonstrates the industry’s readiness to expand beyond futures and trust products. While the SEC’s ultimate decision is still pending, the combination of regulatory changes, improved market infrastructure, and growing institutional interest makes Solana a strong contender for the next major ETF approval.