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Solana Spot ETFs Filed, Approval Unlikely Soon: Analyst Seyffart
Yesterday marked a notable day for ETFs as Seven Solana ETF applicants filed S-1 statements with the Securities and Exchange Commission (SEC). But James Seyffart, a Bloomberg ETF analyst, asserts that he doubts approval will come as soon as next week
Seyffart posted on X on June 13, mentioning that I think there needs to be a back-and-forth with the SEC issuers to sort out details, so I doubt it. He also reminded us of the Bitcoin ETF launch, when there were a lot of filings over the previous couple of months before its introduction
In January 2024, the first US-based spot Bitcoin ETFs were launched. However, Tyler and Cameron Winklevoss, the co-founders of Gemini, filed the first spot Bitcoin ETF application with the regulatory body in 2013
On Friday, Fidelity Investments filed its first S-1 registration statement for its spot Solana ETF product, while other firms such as 21Shares, Franklin Templeton, Grayscale Investments, Bitwise Investments, and Canary Capital filed S-1 amendments
Past Lessons Helping In The Future
In June last year, VanEck became the first firm from the United States to file for a spot Solana ETF, and it became the last to submit the amendment filing yesterday Seyffart further mentioned that he believed that all of them include staking language
An X user posted that the lessons from the past approvals will help in accelerating the process, mentioning the spot Bitcoin and Ether ETFs. He said that no lessons apply to staking, and it comes as spot Ether ETF products are also under review to onboard long long-awaited staking feature
The analyst agreed to every point that the user mentioned in their post. He also predicted the possibility of launching the spot Solana ETFs with staking at the same time that the SEC approves staking for the spot Ether ETFs
In April, Bloomberg Intelligence intensified its estimated odds of the body approving a Solana ETF this year to 90%. In January, Joe Lubin, the founder of Consensys, mentioned that Ether ETF issuers were optimistic that funds offering staking could soon be given the green light
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