A spot Solana exchange-traded fund (ETF) in the United States might become a reality if there is a change in the presidential administration and the leadership of the Securities and Exchange Commission (SEC), according to Bloomberg ETF analyst Eric Balchunas.
VanEck Files for Spot Solana ETF
On June 27, VanEck, an ETF issuer, unexpectedly filed for a spot Solana ETF with the SEC. The new fund, named the VanEck Solana Trust, aims to leverage Solana’s decentralized nature, high utility, and economic feasibility, as stated by Matthew Sigel, VanEck’s head of digital assets research.
Current SEC Stance on Solana ETFs
Balchunas expressed skepticism about the approval of the ETF, citing the absence of Solana futures ETFs in the U.S. Both Bitcoin and Ether had futures products before their spot ETFs were approved, as the SEC was concerned about potential fraud and market manipulation impacting spot ETF products.
Balchunas speculated that a new U.S. President and new SEC leadership in 2025 could shift this stance. In a June 27 post on X (formerly Twitter), he suggested, “Just imagine Hester Peirce (or someone like that) running the SEC.”
Support from Industry Leaders
Jake Chervinsky, chief legal officer at Variant Fund, agreed with Balchunas, noting that Peirce’s interpretation of the Securities Exchange Act would likely be more favorable for spot Solana ETF applicants. Currently, SEC Chair Gary Gensler has classified the SOL token as a security in lawsuits against Binance and Coinbase.
Debate Over Solana ETF’s Success
Adam Cochran, a partner at venture capital firm Cinneamhain Ventures, argued that VanEck should have resolved SOL’s alleged security status before filing for a spot Solana ETF.
Despite mixed opinions, the filing was positively received by Bitcoin advocate Anthony Pompliano, who said, “VanEck filing for a Solana ETF is further proof that altcoins are coming to Wall Street.”
However, some remain skeptical. Evgeny Gaevoy, CEO of cryptocurrency trading firm Wintermute, predicted minimal inflows into upcoming spot Ether ETFs, suggesting even fewer flows for a spot Solana ETF. “I’m saying this all while Wintermute is long both SOL & ETH, so no fud, just being realistic here. Adoption takes time,” Gaevoy commented.
Growing Interest in Solana ETFs
The interest in Solana ETFs isn’t limited to the U.S. Last week, cryptocurrency asset manager 3iQ filed for a spot Solana ETF in Canada, marking a first for North America. Additionally, the Solana ecosystem has received praise from $1.5 trillion asset manager Franklin Templeton.
Globally, over $1 billion worth of Solana exchange-traded products are available, including the 21Shares Solana Staking ETP and the ETC Group Physical Solana product in Europe, according to Bloomberg ETF analyst James Seyffart.
