The archives for Spot Solana (SOL) Exchange-Traded Funds (ETFs) van Vaneck, 21Shares, Bitwise and Canary Capital were officially added to the Federal Register on 18 February. The US Securities and Exchange Commission (SEC) now has 240 days to approve or refuse the archives.
In addition, the register for the grayscale application was added on 12 February, including the Solana ETF in the batch that could be approved until October 16.
The Grayscale Solana ETF radiation was recognized by the SEC on 6 February and the four other archives were recognized on 11 February.
Sol is currently in a place where the buzz of an ETF approval is a much needed boost. After the debacle of the Memecoin scales, promoted by the Argentinian President Javier Milei, Sol crashed to 42% years until 18 February.
According to Bloomberg ETF analysts Eric Balchunas and James Seyffart, Spot Solana ETFs have 70% approval opportunities.
In particular, the analysts emphasized that these opportunities could rise if the lawsuits consider Sol as security are extinguished. This is a probably result in view of the current SEC attitude of stopping lawsuits against crypto companies.
Gulf of ETF goods inspections
Seyffart and Balchunas Also predicted At the end of 2024, a wave of Crypto ETFs, including Sol, Hedera (HBar), Litecoin (LTC) and XRP, would come on the market.
The estimate is related to the changing regulatory landscape in the US after the election of President Donald Trump for a second term.
On February 19, Canary Capital announced an Axelar (AXL) Trust, which may add another person to the approval queue.
According to that of the company announcementThe Canary AXL Trust offers institutional and accredited investors a safe exposure to AXL, the native crypto of the Axelar network. Canary has selected Coinbase as the designated custodian of the trust.
The trust is the first investment confidence that focuses on a general blockchain interoperability protocol, in which the increasing demand for seamless cross-chain connectivity in the web3 ecosystem is emphasized.
Steven McClurg, CEO of Canary Capital, stated:
“With Axelar who manages some of the most advanced interoperability solutions in Web3, we see an important opportunity for institutional investors in AXL. As the demand for exposure to crypto grows, we remain committed to supplying structured, safe and progressive investment vehicles that match the future of blockchain. “
At the beginning of 2025, Axelar was ranked as the 11th largest blockchain locked on total value (TVL), which exceeds $ 1 billion.
Since interoperability continues to form the blockchain landscape, Axelar is expected to expand the range and integrate with networks such as XRP whides, Hedera, Stellar, SUI, Solana and Bitcoin.