Major cryptocurrency attracting attention from investment giants like BlackRock and other investment managers - what's triggering their interest?
Several proposals for Solana-based Exchange-Traded Funds (ETFs) from heavyweight asset managers like Invesco, Grayscale, and potentially BlackRock through affiliated sponsors, are currently under review by the U.S. Securities and Exchange Commission (SEC).
The SEC has set a soft deadline for final decisions by October 10, 2025, with a likely approval window between September 17 and October 10, 2025. This timeline is contingent on the acceptance of Cboe's filing that includes new listing requirements for crypto ETFs.
Cboe's rule change filing, pending submission to the Federal Register, will trigger a 21-day comment and review period. If approved, it will pave the way for Solana ETFs to be listed with regulatory safeguards, such as requiring underlying assets to have been available in futures contracts for at least 6 months. Given that SOL futures started on March 17, the earliest listing date is pegged at September 17, 2025.
The SEC has been pressing issuers to amend and refile their spot Solana ETF applications by the end of July 2025, signaling a potential acceleration of the approval process. This acceleration is based on the successful launch of the REX-Osprey Solana + Staking ETF in early July 2025, which marked a regulatory milestone for Solana institutional products.
However, concerns around price manipulation, market surveillance, and investor protection have historically delayed spot crypto ETFs, including those for Solana. However, the simultaneous consideration of multiple reputable asset managers’ proposals could increase regulatory pressure to grant approval and provide regulatory clarity.
If approved, these ETFs would offer regulated, mainstream market access to Solana with both spot exposure and staking income benefits, potentially attracting significant institutional inflows and expanding Solana’s presence in traditional finance.
Meanwhile, the BlackRock iShares Bitcoin Trust has become the fastest-growing ETF in history, with around $78 billion under management currently. The success of altcoin ETFs in Canada and Europe suggests growing market appetite for such products. The SEC's regulatory backdrop combined with this market appetite could potentially lead to the approval of a Solana ETF in the near term.
BlackRock, the world's largest asset manager with $11.7 trillion under management, is considering including Solana (SOL) in its future ETFs. Larry Fink, CEO of BlackRock, has described tokenization as the "next generation" of markets. In February of this year, he stated publicly that the SEC would give the green light to a Solana ETF before the end of the year.
The interest that BlackRock has shown in Solana aligns with its strategy of capitalizing on the tokenization of assets. Solana, an altcoin, stands out for its transaction speed, scalability, and growing adoption in DeFi applications and tokenization.
Other asset managers are also looking to offer their clients exposure to altcoins like Solana through ETFs. According to Bloomberg, there's a high chance that several altcoin ETFs, including one based on Solana, will be approved by 2025. This move by BlackRock and other asset managers marks a significant evolution in the relationship between traditional finance and the crypto ecosystem.
In the context of the SEC's potential acceleration of the approval process for Solana-based ETF proposals, BlackRock could soon use technology to tokenize and invest in Solana, as the world's largest asset manager expresses interest in offering an ETF featuring the altcoin. Given BlackRock's optimistic outlook on Solana's transaction speed, scalability, and growing adoption in decentralized finance applications, other asset managers might also explore investing in Solana through technology-driven ETFs.