After the approval of spot Bitcoin and Ethereum ETFs, two applications for Solana (SOL) ETFs were submitted. However, the Solana ETF applications were blocked by the SEC.
Accordingly, the SEC rejected the 19b-4 filings filed by Cboe BZX on behalf of two potential Solana ETF issuers and removed them from the CBOE website.
While the chances of Solana ETFs being approved have waned following the SEC’s decision, Bloomberg ETF analyst Eric Balchunas discussed the possibility of approval from his X account.
Balchunas said the Solana ETF application has stalled in the second phase of the filing process, adding that the Solana ETF has “0” chances of gaining approval in 2024.
The analyst stated that the possibility of approval in 2025 depends on the US election results, and that if Kamala Harris wins the election, the chances of Solana ETFs being approved in 2025 are close to zero.
Eric Balchunas pointed out that the only hope for Solana ETFs is if Donald Trump wins, and stated that unless there is a change in the US president, the probability of Solana ETF approval is extremely low.
“Solana failed Step 2 of its ETF filings.
“Yes, there's almost zero chance of Solana ETF approval in 2024, and probably almost zero chance in 2025 if Harris wins. I think the only hope is if Trump wins.”
*This is not investment advice.