Federal Register added the filings from VanEck and 21shares regarding spot Solana exchange traded funds (ETFs). Bitwise, Canary Capital, and Canary Capital have also submitted their ETFs. US Securities and Exchange Commission now has 240 calendar days to accept or deny these filings.
The Grayscale application was also added to the list on February 12, and its Solana ETF would be included in the batch of approvals that can take place until October 16.
SEC has acknowledged Grayscale Solana ETF’s amendment on 6 February, and four other filings on 11 Feb.
SOL has a situation where an ETF is much needed. SOL’s price has dropped by up to 42 percent year-to date as of February 18 following the failure of the LIBRA coin, which was promoted and endorsed by Argentinian leader Javier Milei.
Bloomberg ETF Analysts Eric Balchunas, James Seyffart and James Seyffart spot Solana ETFs 80% approval rating is a good score.
Analysts noted that the odds of this happening could increase if lawsuits are dropped, deeming SOL a security. The current SEC policy of stopping lawsuits against cryptocurrency firms makes this outcome likely.
ETFs approved in waves
Seyffart Balchunas Also predicted The market will be flooded with crypto ETFs in 2024. These include SOL (Security), Hedera (HBAR), Litecoin(LTC), and XRP.
The estimate is related to the changing regulatory landscape in the US following President Donald Trump’s election for a second term.
Canary Capital, on February 19, announced the Axelar Trust (AXL), potentially adding an asset to approval.
According to the firm’s The announcement was made byCanary AXL Trust offers institutional and accredited investor a safe way to gain exposure to AXL – the native crypto currency of Axelar Network. Canary has selected Coinbase as the trust’s designated custodian.
The first investment trust to be dedicated to a blockchain-interoperability general protocol. It reflects the demand for seamless interchain connectivity within the Web3 ecosphere.
Steven McClurg CEO of Canary Capital stated that:
“With Axelar driving some of the most advanced interoperability solutions in Web3, we see in AXL a significant opportunity for institutional investors. As demand for crypto exposure grows, we remain committed to providing structured, secure, and forward-thinking investment vehicles that align with blockchain’s future.”
Axelar was the 11th-largest blockchain in terms of total value locked.
Axelar’s reach is set to grow as interoperability shapes the future of blockchain. It will integrate with network such as XRP Ledger and other platforms like Hedera and Stellar.
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