Solana’s ETF Progress

• Solana’s futures ETFs were listed on DTCC, a key step toward potential launch, but SEC approval is still pending.
• CFTC-regulated Solana futures contracts launched by Coinbase on February 19, 2025, supporting ETF feasibility.
• The SEC has acknowledged some Solana ETF filings, indicating progress, though approval remains uncertain.
• Industry experts are optimistic, with a 70% chance of approval by October 2025, per Bloomberg analysts.

Solana ($SOL), launched in 2020, is a high-performance blockchain known for processing thousands of transactions per second with minimal fees, positioning it as a competitor to Ethereum. Exchange-traded funds (ETFs) offer investors a way to gain exposure to assets like Solana without directly holding the cryptocurrency, either through spot ETFs, which hold the asset, or futures ETFs, which track futures contracts. As of February 27, 2025, the focus is on Solana’s futures-based ETFs, a significant step toward institutional adoption.

DTCC Listing

The Depository Trust & Clearing Corporation (DTCC) is a central infrastructure provider for financial markets, handling clearing and settlement of securities. On February 27, 2025, Volatility Shares’ Solana futures ETFs, specifically the 2x Solana ETF (SOLT) and Solana ETF (SOLZ), were listed on DTCC. This listing means these ETFs are eligible for DTCC’s clearing and settlement services, a prerequisite for efficient trading. However, it does not equate to SEC approval, which remains pending. This step indicates that issuers are preparing for launch, assuming regulatory clearance.

SEC’s Evolving Stance and Filings

The SEC’s approach to Solana ETFs has been a rollercoaster. Earlier, in December 2024, reports from Fox Business via an X post by Eleanor Terrett suggested the SEC would reject spot Solana ETF filings, with a consensus against new crypto ETFs under the then-current administration. However, by February 2025, the SEC acknowledged Grayscale’s amended filing for a spot Solana ETF, as reported on Decrypt, marking a shift. This acknowledgment, with a potential decision deadline by October 2025, suggests a more open stance, possibly influenced by the new administration’s crypto-friendly policies.

Multiple asset managers, including VanEck, 21Shares, Bitwise, and Canary Capital, have also filed for spot Solana ETFs, with Bloomberg analysts James Seyffart and Eric Balchunas estimating a 70% approval chance by October 2025.

The industry has reacted positively, with experts like Tushar Jain of Multicoin Capital expressing enthusiasm for Solana futures contracts hitting traditional markets, as mentioned on SolanaFloor. Polymarket, a prediction marketplace, indicates an 83% chance of Solana ETF approval, reflecting high trader confidence. The listing on DTCC and the regulatory progress are seen as paving the way for not just futures ETFs but potentially spot ETFs, expanding investor options beyond Bitcoin and Ethereum.