Is there a Solana ETF? Here's the Latest Update (As of April 30, 2025)
As of April 30, 2025, a spot Solana ETF has not yet been approved in the United States. However, a wave of filings from top financial institutions and regulatory acknowledgment by the SEC suggest that approval could be closer than ever.
Current Status of Solana ETF Applications
Multiple asset managers — including Fidelity, Grayscale, VanEck, Franklin Templeton, Bitwise, and 21Shares — have submitted applications for spot Solana ETFs. A key milestone occurred when the U.S. Securities and Exchange Commission (SEC) officially acknowledged Fidelity’s application to list its Solana ETF on the Cboe BZX Exchange, initiating a formal review process (source: Crypto Briefing).
The Fidelity Solana Fund intends to hold actual SOL tokens and allocate a portion to staking through trusted providers. In its filing, Cboe BZX highlighted Solana’s liquidity and argued that the market is resistant to manipulation, noting a $2 billion average daily trading volume and a $90 billion fully diluted market cap over a recent 180-day period.
Timeline and Approval Odds
While the SEC has acknowledged the ETF filings, approval timelines remain uncertain. Bloomberg ETF analyst James Seyffart has noted that the SEC must issue a ruling on Grayscale’s Solana ETF by October 11, 2025, but the outcome may be influenced by ongoing litigation involving major crypto exchanges like Coinbase and Binance (source: TokenTax).
On prediction platforms such as Polymarket, market participants currently assign a roughly 39% probability of a Solana ETF being approved by July 31, 2025, reflecting cautious optimism.
International Progress: Canada Leads the Way
While the U.S. review process continues, Canada has taken the lead by launching four spot Solana ETFs on the Toronto Stock Exchange in April 2025. These ETFs were approved by the Ontario Securities Commission and offer regulated exposure to SOL for Canadian investors (source: Yahoo Finance).
This development is seen by some analysts as increasing pressure on U.S. regulators to provide a clear framework for crypto-based financial products.
Regulatory Challenges to Watch
A major obstacle for U.S. approval lies in the SEC’s classification of Solana (SOL) as an unregistered security, as stated in past lawsuits against exchanges like Binance and Coinbase. This classification adds complexity to the approval process for any ETF involving SOL.
Additionally, Solana does not yet have a futures market on major U.S. exchanges such as CME. This is important because the SEC has historically favored ETFs tied to assets with regulated futures markets — as seen in the case of Bitcoin ETFs (source: SEC filings).
What’s the Outlook?
Despite regulatory uncertainty, analysts project that a spot Solana ETF could attract between $3 billion and $6 billion in assets within its first year if approved — potentially boosting both price and liquidity across the Solana ecosystem (source: TokenTax).
Approval would mark a major milestone for Solana, offering institutional investors regulated access to one of the most actively used Layer 1 blockchains in crypto, known for its speed, scalability, and low transaction costs.
Final Thoughts
While a Solana ETF has yet to receive the green light in the U.S., momentum is building. With active filings, international precedents, and growing investor demand, many believe that it’s only a matter of time before Solana ETFs become a reality in global markets
