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with the SEC in the future

Bloomberg ETF analyst James Sivart points to the duration it took for Bitcoin ETFs to gain approval as a reason for not believing that approval will come soon for Solana ETFs.

7 Solana ETFs have filed S-1 applications, with further "exchanges" with the SEC in the future.

News

On June 13, seven applicants submitted S-1 data for the Solana ETF to the U.S. Securities and Exchange Commission (SEC); however, Bloomberg ETF analyst James Sivart doubts that approval will come next week at the earliest.

I think there needs to be an exchange of views between the U.S. Securities and Exchange Commission (SEC) and the issuers to settle the details, so I doubt it. If someone remembers the launch of the Bitcoin ETF, there were a *large number* of applications submitted in the two months prior to the launch, Sivart stated in a post on Friday. The U.S. spot Bitcoin ETFs launched in January 2024, over ten years after Tyler and Cameron Winklevoss, co-founders of the Gemini cryptocurrency exchange, submitted the first application for a Bitcoin ETF to the SEC in 2013.

"Staking language" has been included in all files.

On June 13, Fidelity Investments submitted the initial S-1 registration statement for the Solana spot market.

Sol

$146.26

ETF product, while 21Shares, Franklin Templeton, Grayscale Investments, Bitwise Investments, and Canary Capital submitted S-1 amendments.

VanEck - which was the first U.S. company to apply for a spot Solana ETF in June 2024 - was the last company to submit its amended S-1 filing that day.

Cryptocurrencies, Solana, ETFs

Source: James Sivart

Sivart said: "I believe all of them involve the storage language." While Sivart agreed with one X user's opinion that the "lessons learned" from previous approvals could expedite the process, referring to the spot Bitcoin and Ethereum ETFs, he stated that these lessons do not apply to the storage.

It comes in the form of an ether spot

Ethereum

$2,538

ETF products are also under review to add the long-awaited storage feature.

Sivart is considering the idea of approving investment in Solana and Ether ETFs simultaneously.

Sivart stated that it is theoretically possible to launch spot Solana ETFs with storage at the same time that the SEC approves storage for spot Ether ETFs.

Related: Average open interest in Solana futures reaches $7.4 billion amid speculation about ETFs: Does Solana reach the next level at $200?

Sivart said: "But I don't know what will actually happen." On April 30, Bloomberg Intelligence raised its estimates for the chances of SEC approval for a Solana ETF in 2025 to 90%.

Meanwhile, in January, Consensys founder Joe Lubin told Cointelegraph that issuers of Ether ETFs were hoping that the funds offering storage would "soon" get the regulatory green light.

Bloomberg's senior ETF analyst Eric Balchunas said on Tuesday: "Get ready for a potential summer of altcoin ETFs with Solana possibly leading the way."

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