Exciting Times Ahead for Solana ETFs
The recent filings for spot Solana (SOL) exchange-traded funds (ETFs) from various companies have stirred up excitement in the market. The filings from VanEck, 21shares, Bitwise, and Canary Capital were officially added to the Federal Register on Feb. 18. Now, the US Securities and Exchange Commission (SEC) has 240 days to approve or deny these filings.
Grayscale in the Mix
Adding to the anticipation, the register for the Grayscale filing, including its Solana ETF, was added on Feb. 12. This puts it in the same batch that could potentially be approved until Oct. 16. The Grayscale Solana ETF amendment was acknowledged by the SEC on Feb. 6, along with the acknowledgment of the four other filings on Feb. 11.
Market Speculations and Predictions
SOL is currently in a pivotal position where the approval of an ETF could significantly impact its trajectory. Following the downfall of the LIBRA memecoin, SOL experienced a 42% crash year-to-date as of Feb. 18.
- Bloomberg ETF analysts Eric Balchunas and James Seyffart have given SOL spot ETFs a 70% approval odds.
- These odds could potentially increase if the lawsuits declaring SOL as a security are resolved.
Wave of ETF Approvals Expected
The analysts Seyffart and Balchunas are not only optimistic about the approval of SOL ETFs but also predict a wave of crypto ETFs hitting the market. This wave could include assets like Hedera (HBAR), Litecoin (LTC), XRP, and more.
Canary Capital recently announced an Axelar (AXL) trust on Feb. 19, potentially adding another asset to the approval queue.
Canary AXL Trust Announcement
The Canary AXL Trust aims to provide institutional and accredited investors with exposure to AXL, the native crypto of the Axelar Network. With Coinbase as the trust’s designated custodian, it emphasizes the growing demand for seamless cross-chain connectivity in the Web3 ecosystem.
“With Axelar driving some of the most advanced interoperability solutions in Web3, we see in AXL a significant opportunity for institutional investors. As demand for crypto exposure grows, we remain committed to providing structured, secure, and forward-thinking investment vehicles that align with blockchain’s future.” – Steven McClurg, CEO of Canary Capital
By early 2025, Axelar ranked as the 11th largest blockchain by total value locked (TVL), surpassing $1 billion. As interoperability continues to shape the blockchain landscape, Axelar is expected to expand its reach and integrate with various networks.
