The U.S. Securities and Exchange Commission (SEC) has taken a step toward approving a spot Solana exchange-traded fund (ETF).

On Feb. 6, the SEC acknowledged Grayscale’s amended filing for a Solana ETF. This is the first time the SEC has done so for a Solana ETF, hinting towards a positive sign.

The U.S. Securities and Exchange Commission (SEC) has taken a step toward approving a spot Solana exchange-traded fund (ETF).

On Feb. 6, the SEC acknowledged Grayscale’s amended filing for a Solana ETF. This is the first time the SEC has done so for a Solana ETF, hinting towards a positive sign.

Bloomberg ETF analyst James Seyffart explained that the SEC had previously refused to acknowledge similar filings for SOL ETFs. This is how the agency handles such applications.

Another Bloomberg ETF analyst, Eric Balchunas, called it a “notable” move, suggesting that the recent leadership changes at the SEC may be influencing decisions.

Previously, the SEC rejected Solana ETFs because they were classified as commodity trust shares. Finance lawyer Scott Johnsson said this classification was incorrect, which led to repeated denials under former SEC Chair Gary Gensler's leadership.

Grayscale's spot SOL ETF now has a final deadline of Oct. 11 for a decision. However, Seyffart previously predicted that a SOL ETF might not get approval until 2026. The delay is partly due to ongoing SEC lawsuits against Binance and Coinbase, where regulators argue that Solana (SOL) is an unregistered security. This classification makes it harder for the SEC to approve a SOL ETF as a commodity-based product.

Other firms, including 21Shares, Bitwise, VanEck, and Canary Capital, are also trying to list their own Solana ETFs. On Jan. 28, Cboe BZX Exchange refiled 19b-4 forms on their behalf. Bitwise even proposed a spot Dogecoin ETF on the same day.

On the same day that the SEC acknowledged Grayscale’s Solana ETF filing, it also recognized a spot Litecoin ETF application. Seyffart believes Litecoin has the best chance of approval after Bitcoin and Ethereum. Canary Capital's filing for a Litecoin ETF is already under review, which suggests it could be next in line.

Investment bank JPMorgan estimated that a spot Solana ETF could attract between $3 billion and $6 billion in assets within its first year. Meanwhile, predictions market platform Polymarket currently estimates a 39% chance of SEC approval for a spot Solana ETF before July 31.

Above all, the SEC has received multiple crypto ETF applications in recent weeks. Under new SEC Commissioner Mark Uyeda’s leadership, issuers are testing the agency's willingness to approve more crypto investment products. Along with SOL and Dogecoin ETFs, firms have also submitted applications for a spot XRP ETF on Feb. 6.