After the successful approval of the Bitcoin and Ethereum spot ETFs, the application for the SOL spot ETF has become the focus of attention in the cryptocurrency market. Multiple financial institutions are eagerly submitting applications, trying to seize opportunities in this emerging field, and the approval process has now entered a critical stage.

1. Applicant Institutions and Preliminary Progress
From the end of 2024 to the beginning of 2025, numerous institutions have joined the application for the SOL spot ETF, including well-known names such as VanEck, Grayscale, Bitwise, 21Shares, and Canary Capital. As of now, some institutions' applications have made phased progress. Taking Grayscale as an example, its application has been accepted by the U.S. Securities and Exchange Commission (SEC) and has entered a 21-day public comment period. This progress is seen by the market as a positive signal, indicating that the SEC's review of the SOL spot ETF application is steadily advancing.

2. SEC Review Process and Timeline
The SEC's review process for ETF applications is rigorous and complex. After accepting the key document of the 19b-4 filing for the ETF application, the SEC will publish relevant information in the Federal Register, initiating a public comment period. After the comment period ends, the SEC usually has 45 days to provide an initial response, although this deadline can be extended to 90 days depending on the situation. For example, based on Grayscale's application timeline, the SEC's initial response could be given as early as the end of March 2025, or it could be delayed until mid-May at the latest. The entire review cycle can last up to 240 days, during which the SEC will conduct multiple rounds of reviews and extensions until a final decision to approve or deny is made.

3. Latest Developments and Market Expectations
Recently, there has been new progress in the Sol spot ETF application. Multiple institutions have revised and resubmitted application documents based on SEC feedback, demonstrating strong confidence among institutions in obtaining approval. According to Bloomberg industry analysts, based on the current regulatory communication situation and the completeness of the documents, the probability of the SOL spot ETF being approved within 2025 has skyrocketed to 90%. This optimistic expectation is also supported by various market data; for example, on-chain data shows that during the application process, the trend of institutional capital inflows into the Solana ecosystem has become increasingly evident, indirectly reflecting the market's positive outlook on the prospects after the approval of the SOL spot ETF. Additionally, with industry giants like BlackRock laying out their strategies in the Solana ecosystem, market attention and confidence in SOL-related financial products have further increased. If the SOL spot ETF is ultimately approved, it is expected to bring considerable incremental funds to the market. According to predictions from the XBIT research team, it is expected to attract at least $5 billion in new funds, which will significantly change the capital landscape of Solana and the entire cryptocurrency market.

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