Solana 5% rise, Spot ETF possibility of approval in July

## Is the realization of the ETF approaching?

The U.S. Securities and Exchange Commission (SEC) has requested companies applying for a Solana (SOL) spot ETF to submit a revised S-1 document within a week, as revealed in interviews with multiple stakeholders. According to Blockworks, the SEC has informed applicants that they will provide comments within 30 days of submission.

The focus of the amendment request is on the wording regarding physical redemption and the explanation of how the issuer will respond to the staking function. According to multiple stakeholders, the SEC is showing a positive attitude towards the incorporation of staking functions into the Solana ETF. This situation is similar to just before the approval of the Ethereum physical ETF last year.

A source estimates that the amendments to these documents could put the Solana ETF on track for approval within 3 to 5 weeks. James Seyffart, an ETF expert at Bloomberg Intelligence, pointed out that the existence of derivative-based ETFs for both Solana and XRP is paving the way for spot approval, and he analyzed that approval could come as early as July and no later than this year.

Source: Bloomberg

Several asset management companies, including Fidelity, Franklin Templeton, VanEck, Bitwise, Canary Capital, 21Shares, and Grayscale, have already applied for Solana ETFs. Grayscale plans to convert its existing Solana trust into an ETF, taking a similar approach to its Bitcoin and Ethereum ETFs.