Solana ETFs: After Approval in Brazil, Will the US Also Approve Them?

In Brazil, two Solana ETFs were approved by the stock exchange regulator in August. This is fueling discussions in the USA, where the SEC has so far apparently not wanted to give Solana ETFs a chance.

The introduction of ETFs based on Bitcoin (BTC) and Ethereum (ETH) in the USA has noticeably changed the crypto markets in 2024. Traders are closely monitoring which days Bitcoin ETFs and Ethereum ETFs see capital inflows or outflows. And many hope that Solana (SOL) will also make its way onto traditional stock exchanges with ETFs. The Brazilian stock exchange regulator gave its approval for two Solana ETFs this month – could this also influence its US colleagues at the SEC?

Eric Balchunas, ETF expert at the business news agency Bloomberg, posted a diagram on X about Solana ETFs in the USA. He stresses that the SEC has not even published incoming applications on its website. He concludes that the approval of Solana ETFs has “a snowball’s chance of surviving in hell”. Balchunas was correct on several details in the approval process for Bitcoin and Ethereum ETFs and his assessments are therefore taken seriously.

On the other hand, VanEck, one of the US applicants for a Solana ETF, does not want to give up. Matthew Sigel, digital director at VanEck, writes on X : “Our application remains in play.” In an interview, Sigel said he was certain that the approval of Solana ETFs in Brazil would sooner or later force the SEC to rethink its position.

Almost all observers agree: as long as Gary Gensler is head of the powerful SEC, it will try to block Solana ETFs. But the next president will be elected in the USA in November. Candidate Donald Trump has promised to fire Gensler immediately. Opposing candidate Kamala Harris is said to be considering making Gensler her finance minister.

Conclusion: Solana ETFs on hold in the US

Most recently, the world’s largest asset manager BlackRock made it clear that it would not be looking into Solana ETFs in the foreseeable future. BlackRock has had great success with its Bitcoin and Ethereum ETFs in the USA, so the negative attitude towards Solana ETFs came as a surprise to some.

Balchunas believes that Solana ETFs in the USA only have a chance in 2025 if Trump wins the election. This reflects the majority opinion. Solana will probably have to be patient before SOL ETFs become a reality on the huge US capital market.

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(Featured image by viarami via Pixabay)

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