Unveiling VanEck’s Solana ETF: A Step Closer to Launch
In a significant development, VanEck’s proposed Solana exchange-traded fund (ETF) has discreetly made its way onto the Depository Trust & Clearing Corporation’s (DTCC) platform. The ETF, identified by the ticker symbol VSOL, is now included in the DTCC’s “active & pre-launch” category. This crucial milestone is not yet an SEC approval, but it represents a preparatory step similar to the paths previously taken by Bitcoin and Ethereum ETFs.
Significance of DTCC Listing for VanEck’s Solana ETF
The listing on the DTCC indicates that the ETF’s operational framework—comprising creation/redemption identifiers, trade settlement codes, and clearing eligibility—has been established, though share issuance is still pending. This development has not gone unnoticed in derivatives and prediction markets. On platforms like Polymarket, the probability of any Solana ETF being approved by July 31, 2025, is currently priced at 58–60%, with the full-year contract surging to 92%.
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Market Reactions and Expert Opinions
Industry analysts remain optimistic about the regulatory prospects. Bloomberg Intelligence’s Eric Balchunas suggests that investors should brace for a potential surge in alt-coin ETFs, with Solana potentially at the forefront. Together with James Seyffart, Balchunas assigns a 90% likelihood of eventual approval for the ETF.
Despite the excitement, Seyffart cautions against immediate euphoria, emphasizing the need for ongoing discussions with the SEC to finalize details. He draws parallels to the extensive documentation required before the January 2024 Bitcoin ETF launches.
SEC and Issuer Dialogue
The dialogue between the SEC and potential issuers is already underway. Recently, the SEC requested amendments to S-1 registration statements, prompting updates from seven firms, including Fidelity, Bitwise, and Grayscale. CoinShares, a European digital-asset firm, joined as the eighth participant in this competitive race.
The macroeconomic environment appears more favorable than during previous alt-coin attempts. Notably, CME Group introduced cash-settled futures in mid-March, incorporating the asset into its regulated derivatives offerings.
Although the DTCC listing does not obligate the SEC, it places VanEck’s fund on a procedural path akin to the one preceding Bitcoin and Ether ETF approvals. The timing of the fund’s launch—be it July or later—depends on how swiftly the SEC completes its review of related factors such as staking language, custody mechanics, and market manipulation surveillance.
Timeline for SEC Approval
Recently, the SEC postponed Franklin Templeton’s spot-Solana ETF application. Analyst James Seyffart described this delay as anticipated, noting that it was merely an intermediate deadline. He stressed that the ongoing dialogue concerning updated S-1s for Solana-staking products is a positive indicator, though timelines for approval remain uncertain.
Eric Balchunas, also from Bloomberg, echoed Seyffart’s sentiments. He reiterated a 90% base-case probability for eventual approval but cautioned that the current “2-to-4-week” timeframe might be overly optimistic. “The ball is in the SEC’s court after the S-1s are re-filed,” he stated, emphasizing the importance of continued dialogue between the staff and issuers.
Seyffart encapsulated the prevailing sentiment: “We might witness approvals next month, but it wouldn’t be surprising if we wait until the final deadline in October. The key takeaway is that the SEC is engaging, which is promising.”
As of the latest update, SOL is trading at $145.89.
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