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A new and interesting development has been recorded in Solana, one of the world's largest cryptocurrencies. Here are all the details.

Asset management firm Volatility Shares has filed with the U.S. Securities and Exchange Commission (SEC) to launch three new exchange-traded funds (ETFs) tied to Solana futures.
However, the offering faces a unique hurdle, as no Solana futures products are currently available on any Commodity Futures Trading Commission (CFTC)-regulated exchange.
According to the fund’s prospectus, the proposed ETFs would invest only in futures contracts traded on CFTC-registered exchanges. This is questionable since Solana futures contracts do not yet exist and there is no approved spot Solana ETF.
“This is crazy,” Bloomberg ETF analyst Eric Balchunas said in a post on social media platform X (formerly Twitter). Balchunas added that the filing could signal that Solana futures could soon become a reality, which “probably bodes well” for future approval of spot ETFs.
Offering a broader regulatory perspective, Nate Geraci, president of ETF Store, suggested that the filing could reflect a shift in the ongoing power struggle between the SEC and CFTC over digital asset oversight. “The CFTC may be winning its power struggle with the SEC over digital asset regulation,” Geraci commented.
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The move also reignites speculation about which digital asset could be next in line to receive ETF approval, with some experts believing Solana could lead the way, while others have expressed optimism that XRP or other cryptocurrencies could be considered.
Volatility Shares is no stranger to disrupting the ETF space. It launched its first leveraged Bitcoin futures ETF in June 2023, followed by a 2x Ether ETF a year later. These products have since paved the way for other asset managers to explore leveraged funds targeting cryptocurrency futures.

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Grayscale files for a Solana ETF, aiming to convert its Trust into a spot ETF, reflecting growing crypto optimism under Trump's administration.

Grayscale Investments has taken a giant step to submit to the NYSE to list a Solana Exchange-Traded Fund (ETF) in the US. This initiative is part of a larger market sentiment of positivity which is being driven by the government’s pro-crypto stance. As part of its effort, Grayscale aims to convert its existing Solana Trust into a spot ETF, making it accessible on a regulated securities platform. This transformation is designed to offer investors a straightforward means of engaging with Solana without direct token ownership.

The proposed ETF plans to mirror the value of the SOL held, deducting any related expenses. This structure offers a transparent, secure investment alternative to the crypto market’s usual direct purchase methods. Notably, Coinbase Custody Trust Company has been chosen as the custodian with BNY Mellon acting in an administrative capacity. They should help to increase investor confidence and to strengthen the quality of decisions related to digital assets.

Expanding Crypto ETF Landscape Under Trump’s Leadership
The push for crypto ETFs gains momentum as the U.S. sees a shift towards a more crypto-friendly regulatory environment. With President Trump’s administration and the recent appointment of Mark Uyeda as interim SEC Chair, the financial landscape appears increasingly welcoming to digital currencies. Last year, the approval of Bitcoin and Ethereum ETFs marked a pivotal moment, suggesting a growing acceptance of cryptocurrencies within regulated investment portfolios. This trend continues as Grayscale and other financial entities like CoinShares and Canary Capital actively pursue ETFs for other cryptocurrencies, including Litecoin and XRP.

This proactive approach from asset managers aligns with the SEC’s establishment of a dedicated crypto task force. This group aims to develop a comprehensive regulatory framework that supports digital assets’ integration into conventional financial systems. Such developments could smooth the regulatory pathway for upcoming ETF applications, potentially quickening the pace for crypto’s inclusion in mainstream financial products.

Market Reaction and Future Projections
Despite these optimistic developments, the market response has been mixed. Following Grayscale’s announcement, Solana’s price experienced a temporary decline, shedding 5% to trade at $247.33. However, analysts like Ali Martinez speculate on a potential rally, suggesting prices could soar to unprecedented levels if the ETF proceeds. This sentiment is echoed by other market experts predicting a robust entry of institutional funds into Solana, should the ETF receive approval.

Institutional interest and the broadening of investment vehicles signal a mature phase for the crypto market. By offering regulated paths for investing in digital assets like Solana, Litecoin, and XRP, Grayscale and its counterparts are not just catering to investor demand but are also instrumental in shaping the market’s structure.

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The world's leading asset management company BlackRock continues to expand the scope of the BUIDL tokenization fund by integrating the Solana blockchain. This move not only helps BUIDL to be present on a total of 7 blockchains but also strengthens Solana's position in the field of traditional financial assets (RWA).

BUIDL – The largest securities tokenization fund in the world

BlackRock USD Institutional Digital Liquidity Fund (#BUIDL ) is an investment fund specializing in tokenizing US Treasury bonds, launched in March 2024 in collaboration between BlackRock and Securitize. To date, this fund is managing over $1.7 billion, becoming the largest real-world asset (RWA) tokenization fund in the world, surpassing competitors like Franklin Templeton and Ondo.