The U.S. Securities and Exchange Commission (SEC) is beginning to consider exchange-traded funds (ETFs) that track Solana (SOL), with applications from 21Shares, Bitwise, Canary Capital, and VanEck reaching the next stage of review. The SEC has opened a public commentary period on a proposed ETF from Canary Capital, as well as acknowledging similar filings from Grayscale, 21Shares, VanEck, and Bitwise. The public has 21 days to comment, after which the SEC will either approve or reject the proposed SOL ETFs.

The SEC's move marks a shift in its stance on cryptocurrency investments. The regulator had previously declined to acknowledge several applications for SOL ETFs. Bloomberg Intelligence's senior ETF analyst, Eric Balchunas, noted the SEC's acknowledgement as significant, marking the first instance of an ETF filing for a cryptocurrency formerly deemed a "security" receiving consideration.

Crypto market analysts are cautiously optimistic about the approval of Solana ETFs. The Cboe BZX Exchange has submitted rule change proposals to list and trade shares of spot Solana ETFs from 21Shares, Bitwise, and Canary Capital. Approving these proposals would protect investors and the public interest. The Exchange believes that SOL is resistant to price manipulation