Solana (SOL) surged 5% to $164.70 in after-hours buying and selling Tuesday following a report from Blockworks that the U.S. Securities and Alternate Fee (SEC) is accelerating efforts to approve spot Solana ETFs. The SEC has reportedly requested issuers to revise their S-1 filings throughout the subsequent week and indicated it’ll present suggestions inside 30 days of submission.
This marks a major improvement within the broader crypto ETF panorama, the place main asset managers are racing to launch spot ETFs for altcoins following the approval of Bitcoin (BTC) and Ethereum (ETH) spot ETFs in 2024. The transfer indicators rising regulatory openness to altcoin-based funding automobiles and will unlock wider institutional and retail entry to Solana.
A number of outstanding asset managers, together with Constancy, Grayscale, VanEck, and Franklin Templeton, have filed proposals with the SEC to supply Solana ETFs. Whereas CoinDesk has reached out to those companies for affirmation, no official statements have been issued on the time of publication.
SOL’s value spiked instantly after the report, persevering with a 24-hour upward development and reflecting bullish sentiment from buyers anticipating elevated adoption by means of regulated monetary merchandise. The potential approval of a spot Solana ETF could be a significant milestone, positioning SOL alongside Bitcoin and Ether within the mainstream monetary ecosystem.
With the SEC anticipated to assessment submissions over the approaching month, market contributors are intently awaiting additional updates that might affect Solana’s value trajectory and broader market sentiment. The rising curiosity in spot ETFs underscores the growing demand for simplified, regulated entry to digital property for each establishments and particular person buyers.
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