Solana’s SOL Rallies 5% on Fresh Signs of Progress Toward Spot ETF Approval

Solana’s native token SOL surged as much as 5% late Tuesday after Blockworks reported that U.S. regulators are moving ahead in the review process for spot SOL exchange-traded funds (ETFs).

According to the report, the U.S. Securities and Exchange Commission (SEC) has requested that prospective ETF issuers revise and resubmit their S-1 registration statements within the next week. The agency is expected to provide feedback within 30 days of submission.

The token quickly jumped above $164 following the news and was trading up nearly 5% over the previous 24 hours, according to market data.

The development comes amid growing momentum for crypto ETFs in the U.S. market. After the successful rollout of bitcoin (BTC) and ether (ETH) spot ETFs in 2024, asset managers have been eager to expand into other digital assets. Applications for spot SOL ETFs have already been submitted by major players including Fidelity, Grayscale, Franklin Templeton, and VanEck.

A spot ETF would provide traditional investors with a simplified, regulated path to gain exposure to Solana without needing to hold the token directly.

CoinDesk reached out to several of the prospective issuers for comment, but had not received responses at the time of publication.