Grayscale's Solana Spot ETF Application Acknowledged by US SEC, But Will BlackRock Join the Race?

Solana is a popular Proof-of-stake (POs) Cryptocurrency known for its highly scalable blockchain, which can process up to 70k transactions per second (TPS)

The US Securities and Exchange Commission (SEC) has acknowledged Grayscale’s Solana spot ETF application, according to Bloomberg ETF experts.

Solana is a popular Proof-of-Stake (PoS) cryptocurrency, known for its highly scalable blockchain, which can process up to 70k transactions per second (TPS), thanks to its unique protocol Proof-of-History (PoH). Solana was launched in March 2020 by Anatoly Yakovenko and his team at Solana Labs. Currently, Solana is the 3rd largest crypto network, which handles $6.28 billion in DeFi crypto trading.

On 7 Feb 2025, Bloomberg ETF analyst James Seyffart informed the crypto community that the US SEC body has acknowledged Grayscale’s Solana 19b-4 filing.

Seyffart said that it is really a very good sign for Solana because earlier the American securities regulatory body multiple times rejected to process similar Solana-related filings by CBOE, 21Shares, Bitwise, and WisdomTree in accordance with the BZX Rule.

Another Bloomberg ETF analyst, Eric Balchunas, also shared his opinion in a totally different way and noted that the Solana (Sol) coin was many times labelled as an unregistered security token in the SEC’s lawsuits against multiple crypto companies. Alternatively, we can say that the SEC body may drop all those suits, as they indirectly clarified their stance on this cryptocurrency.

Furthermore, Balchunas added that all these good developments are part of new ProCrypto leadership, and now we’re in new ProCrypto territory.

BlackRock to launch Solana spot ETF?

Recently, some media reports and Crypto X users claimed that the world’s top fund manager, BlackRock, planned to launch the Solana spot ETF product & for this, they’re working to file an application with the SEC. So far no evidence regarding such baseless reporting & speculation came to the public domain by BlackRock.

A few months ago, some market insiders disclosed that BlackRock was planning to file an application for Solana spot ETF but later rejected its plan, citing Solana’s relative immaturity and insufficient client demand compared to top cryptocurrencies, Bitcoin and Ethereum.

It is worth noting that on January 30, 2025, Securitize, a company backed by BlackRock, a focused investment fund, launched the Solana fund. It means demand for this PoS cryptocurrency is increasing drastically, and it will surge more in the future; there is no doubt that BlackRock will step in this cryptocurrency.

Some experts believe that if BlackRock launches a Solana spot ETF product in the future, then surely it will push the trade price of this Sol coin to $2,500. Here, people need to know that all the companies in this world are there to ultimately generate money for their better financial health, and this is a truth that once in the future, BlackRock will surely step in Solana & other cryptocurrencies.

Solana network uptime record

Between 2021 and 2023, the Solana network went offline multiple times, so the Solana community devs contributed their time to fight against the network bug issues & similar challenges. The last time the Solana network faced an outage was on 6 Feb 2024 & after that network has been live without any type of outage issues.

Solana price action

The current trade price of Sol coin is $190 & this price level is nearly 20% down over the last 7 days of the trading period.