Solana could get its first spot exchange-traded fund any day now.
That’s according to Bloomberg Intelligence analyst Eric Balchunas who said that a slew of regulatory changes at the Securities and Exchange Commission means “the odds are really 100%” that a spot Solana ETF will become a reality.
“The baby could come any day,” Balchunas said on X.
The bullishness marks how the dramatic shift at the SEC has bolstered sentiment in the crypto industry.
While former Chair Gary Gensler was a staunch crypto sceptic that spearheaded an industry crackdown, new boss Paul Atkins has adopted a friendlier approach aimed at creating a space where innovators in the industry can innovate.
As part of that push, the agency approved a generic listing process for crypto ETFs.
True, issuers adopting the new rules would be subject to stricter marketing and asset rules, but they’d also have the advantage of getting a decision from the SEC within 75 days and not the 240 days of waiting they’d endured in the past.
James Seyffart, Bloomberg Intelligence ETF expert, said these fresh rules should greenlight over one hundred crypto ETFs in the next six to 12 months.
Indeed, REX-Osprey used the new rules to launch an XRP ETF and a Dogecoin ETF with spot exposure earlier in September.
Bullish for Solana
Solana is one of the altcoins ETF issuers that want to create new funds around.
ETF launches “magnify the demand that already exists in the underlying market,” Angie Malltezi, chief operating officer of crypto execution system Altius Labs, told DL News.
And the signs point towards “an epic end-of-year run for Solana,” Matt Hougan, chief investment officer at ETF issuer Bitwise, said earlier in September.
Not only did he argue that approval of Solana ETFs can help bolster the world’s sixth biggest cryptocurrency, but that the advent of digital asset treasury companies stocking up on Solana will also help pump the price.
Solana is entering “a pivotal phase” as its Alpenglow upgrade expected in December wins broad support, Shawn Young, chief analyst at MEXC Research, told DL News.
Solana could rival “Google search speed,” he said, adding that such performance could make it the next-generation Ethereum alternative for high-frequency applications.
“The leap in speed positions the network not only ahead of rival layer 1 blockchains like SUI but also potentially makes it faster than a standard web search response time,” Young said.
He pointed to the Alpenglow upgrade, which aims to slash transaction finality from over 12 seconds to just 150 milliseconds.
Crypto market movers
Bitcoin is up 1.2% over the past 24 hours to trade at $113,500.
Ethereum is up 1.2% over the past 24 hours, trading at $4,170.
