11.06.2025 02:48

Solana's SOL token experienced a significant price increase, climbing 5% during Tuesday's after-hours trading in the US. This surge followed a Blockworks report detailing advancements in the regulatory approval process for spot SOL exchange-traded funds (ETFs) in the United States.

According to the report, the US Securities and Exchange Commission (SEC) has reportedly requested amendments to the S-1 filings from prospective ETF issuers within the next week. Following submission, the SEC will provide feedback within a month. This positive regulatory development immediately impacted SOL's price, pushing it past $164 and representing a near 5% increase over the preceding 24 hours.

The recent approvals for Bitcoin and Ether spot ETFs last year have spurred intense competition among asset managers to secure regulatory clearance for similar products encompassing other cryptocurrencies. This drive stems from a desire to provide mainstream investors with simplified access to the digital asset market.

Multiple prominent asset management firms, including Fidelity, Grayscale, Franklin Templeton, and VanEck, have already submitted applications to the SEC for the launch of SOL-based ETFs. While CoinDesk attempted to verify this information directly with the applicant firms, responses were pending at the time of publication. The implications of this regulatory progress for SOL and the broader cryptocurrency market remain significant and are worth watching closely.