Yigit Taha OZTURK 
The U.S. Securities and Exchange Commission (SEC) has accepted Spot Solana ETF applications submitted by Bitwise, 21Shares, VanEck, and Canary Capital. However, acceptance does not mean approval. The process will continue as the SEC moves into the evaluation phase.
How Does the Solana ETF Process Work?
Franklin Templeton has registered Franklin Solana Trust in Delaware, preparing to file for a Spot Solana ETF. Previously, major asset managers such as Bitwise, Grayscale, VanEck, and 21Shares had also submitted applications to the SEC.
According to Delaware corporate records, Franklin Solana Trust was established on February 10 by CSC Delaware Trust Company, a firm that has registered numerous major crypto investment products in the past.
For its Solana ETF application, Franklin Templeton needs to submit Form 19b-4 and Form S-1. Some companies that registered a trust in Delaware have expedited the process by filing an official application with the SEC the next day.
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If approved, Franklin Solana Trust will be an investment product tracking Solana’s price movements. According to CoinGecko data, Solana currently has a market capitalization of $97 billion, making it the fifth-largest cryptocurrency in the world.
What Are the Chances of Solana ETFs Being Approved?
Franklin Templeton has repeatedly expressed confidence in the Solana network. In July 2024, it highlighted Solana’s high transaction volume and monolithic blockchain structure. In January 2024, it emphasized Solana’s DeFi growth and dominance in memecoin activity.
Bloomberg ETF analysts James Seyffart and Eric Balchunas estimate a 70% chance of Spot Solana ETF approval by the end of 2025. They also noted that this probability could significantly increase if Donald Trump wins the election in November.
However, the SEC still needs to clarify whether Solana is classified as a commodity or a security. This decision will directly impact the approval process for Solana ETFs.
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