Ethereum

Solana

Spot

After spot Bitcoin Exchange Traded Funds (ETFs) approval and headway in Spot Ethereum ETFs, the crypto community hopes for Spot Solana ETFs. VanEck &amp; 21Shares, two crypto giants filed for the Solana (SOL) ETFs recently which formed a silver lining for the Solana community.&nbsp; 
It all began on June 2 when VanEck, an investment management company filed for Spot Solana ETFs. Following the application, 21Shares, the largest crypto exchange-traded products (ETP) issuer filed for the ETF on June 29. The giants' actions signal a growing institutional interest in SOL.&nbsp; &nbsp;
At press time, SOL was trading at $148.54, after an intraday drop of 0.30% with a market cap of $68,657,703,555 and $2,269,779,281 in 24-hour volume.&nbsp;
<img src="https://lh7-us.googleusercontent.com/docsz/AD_4nXf3nL_9ST43nZEVWgFSPdXEbybv0ZN_XHhZjiwFUXw5J6dRkyHNNth_S4RJOMGmRI_MWEoCJn_r53Ol2cy8uf_s2niu86NSPQx20FfcpR4YFE-JCEhTrEzFMTvyPVckbxI1VVnF8yRHukyKSlsWHyz_ZPA?key=Er28yDv7nRf-zZP6oOvbRg" width="681" height="343">
Source: CoinMarketCap&nbsp;
After the filing, SOL's price recorded a sudden surge of 8.72% in the past 7 days. The coin spiked from $138.85 on June 26 to $154.2 on July 3, before dropping to $148.54. The hike in price showcases positive development for SOL and the cryptocurrency industry.&nbsp;&nbsp;
<h3 id="span-span-data-font-font-size-style-font-size-16px-when-to-expect-spot-solana-etfs-span-span">When to Expect Spot Solana ETFs?</h3>
As the <a href="https://www.coingabbar.com/en/crypto-currency-news/eight-financial-giants-file-for-spot-ethereum-etfs" title="Spot Ethereum ETFs" class="f-link">Spot Ethereum ETFs</a> are yet to be backed by the US Securities and Exchange Commission (SEC), the Solana Community may be required to wait for the SOL ETFs.&nbsp;
James Seyffart, a Bloomberg analyst forecasted that the SEC with the same admins may support the ETFs in 2025. However, the scenario would change if the white house and SEC have a new committee.&nbsp;
<img src="https://lh7-us.googleusercontent.com/docsz/AD_4nXfG6ohEVaHpJO8Q9ejcRNnccc-UhB9CZ4a1M9i4Dm__Ltva_cGy7R5bgTggoou0YiyV_ACz3El-YqgZ_rURJRCAktLxKbRXULCw0AY7crQ49XmGaV1o14R-MLuYO_aelkEWysDquPZNWLIM2X5mjs9mf0r3?key=Er28yDv7nRf-zZP6oOvbRg" width="587" height="268">
Source: X
According to Seyfart, filing the 19b-4 forms will also help in estimating the deadline timing for the approval. As of now, VanEck &amp; 21Shares has opted for the S-1 forms to publicly offer new securities.&nbsp;
<h4>The Future of Solana</h4>
Approval of the ETFs would make SOL one of the biggest rivals for Spot Ethereum ETFs by enhancing its accessibility to investors. A sudden spike in price after the filing reflects the enhanced institutional interest in SOL.
Furthermore, GSR’s report shed light on the potential impact of a Solana ETF and predicted SOL’s value 9x higher if approved.&nbsp;&nbsp;
A significant development in the SOL ecosystem could be observed in the upcoming years which may bring the asset to a wider range of investors. Moreover, the SOL community may also witness further developments in the Solana-based <a href="https://www.coingabbar.com/en/crypto-currency-news/memecoins-doubles-crypto-investments" title="memecoins" class="f-link">memecoins</a>.&nbsp;
Dogwifhat (WIF), Bonk (BONK), and Popcat (POPCAT) have rallied significantly, showcasing surged demand for Solana-based products. At press time, WIF, BONK, and POPCAT traded at $2.04, $0.00002487, and $0.5573, respectively.&nbsp;&nbsp;&nbsp;
<h4>Conclusion&nbsp;</h4>
The journey towards Spot Solana ETFs is a testament to the growing maturity of the cryptocurrency market. As regulatory frameworks evolve and institutional interest peaks, assets like Solana are gaining prominence, promising a future where digital currencies are more accessible and integrated into mainstream investment portfolios. The road ahead is paved with opportunities and uncertainties, but one thing is clear: Solana's star is rising.
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 Also Read:&nbsp;<a href="https://www.coingabbar.com/en/crypto-currency-news/vaneck-files-for-solana-etf-in-the-united-states" title="VanEck Files for Solana ETF in The United States" class="f-link">VanEck Files for Solana ETF in The United States</a>
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VanEck & 21Shares Files for Spot Solana ETF; What’s Next For SOL?

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