- Following recent applications by major companies, analysts have suggested potential approval dates for a Solana ETF.
- VanEck and 21Shares submitted their Solana ETF application to the Chicago Board Options Exchange (Cboe) on July 8th, with the SEC acknowledging receipt.
- Bloomberg ETF analyst Eric Balchunas has provided key insights into the timeline for Solana ETF approval.
Anticipated Solana ETF Approval Timeline and Market Impact Explained
Major Companies Rally Behind Solana ETF
In a significant move, financial giants VanEck and 21Shares have applied to the Chicago Board Options Exchange (Cboe) for the approval of a Solana ETF. The application, submitted on July 8th, has garnered substantial interest from investors, and the SEC’s confirmation of the application’s receipt has further fueled market excitement.
Analyzing the Approval Timeline
Bloomberg ETF analyst Eric Balchunas has shared his projections regarding the Solana ETF’s approval process. According to Balchunas, the critical timeline for the potential approval extends until mid-March 2025. He also highlights November 2024 as a pivotal date, suggesting that the political climate, particularly the outcome of the U.S. Presidential election, could significantly influence the SEC’s decision-making process. “If Biden wins, the applications might be discarded. However, a Trump victory could change the entire scenario,” Balchunas remarked.
Positioning of Solana in the Crypto Market
Rob Marrocco, the global head of ETP listings at Cboe Global Markets, has noted Solana’s rising prominence among cryptocurrencies. He emphasized that Solana follows Bitcoin and Ethereum in terms of investor interest. “Having successfully listed the first U.S. spot Bitcoin ETFs on our exchange and gaining SEC approval for listing spot Ethereum ETFs, we are now addressing the growing investor interest in Solana, the third most actively traded cryptocurrency after Bitcoin and Ethereum,” Marrocco stated.
Conclusion
The journey towards the approval of a Solana ETF is being closely watched by the financial community. With major dates such as November 2024 and March 2025 on the horizon, the outcome of this process will likely have substantial implications for Solana’s position in the crypto market. Industry experts are keenly monitoring these developments, considering both market trends and political factors to better understand the potential future of Solana ETFs.
