The filings for spot Solana (SOL) exchange-traded funds (ETFs) from VanEck, 21shares, Bitwise, and Canary Capital were officially added to the Federal Register on Feb. 18. The US Securities and Exchange Commission (SEC) now has 240 days to approve or deny the filings.

Additionally, the register for the Grayscale filing was added on Feb. 12, which would include its Solana ETF in the batch that could be approved until Oct. 16.

The Grayscale Solana ETF amendment was acknowledged by the SEC on Feb. 6, and the four other filings were acknowledged on Feb. 11.

SOL is currently in a spot where the buzz of an ETF approval is a much-needed boost. Following the debacle of the LIBRA memecoin, promoted by Argentinian President Javier Milei, SOL crashed up to 42% year-to-date as of Feb. 18.

According to Bloomberg ETF analysts Eric Balchunas and James Seyffart, spot Solana ETFs have 70% approval odds. 

Notably, the analysts highlighted that these odds could rise if the lawsuits deeming SOL as security are extinguished. This is a likely outcome considering the current SEC stance of halting lawsuits against crypto firms.

Wave of ETF approvals

Seyffart and Balchunas also predicted in late 2024 that a wave of crypto ETFs, including SOL, Hedera (HBAR), Litecoin (LTC), and XRP, would hit the market.

The estimate is related to the changing regulatory landscape in the US following President Donald Trump’s election for a second term.

On Feb. 19, Canary Capital announced an Axelar (AXL) trust, potentially adding another asset to the approval queue.

According to the firm’s announcement, the Canary AXL Trust will provide institutional and accredited investors with secure exposure to AXL, the native crypto of the Axelar Network. Canary has selected Coinbase as the trust’s designated custodian.

The trust is the first investment trust dedicated to a general blockchain interoperability protocol, emphasizing the increasing demand for seamless cross-chain connectivity in the Web3 ecosystem. 

Steven McClurg, CEO of Canary Capital, stated:

“With Axelar driving some of the most advanced interoperability solutions in Web3, we see in AXL a significant opportunity for institutional investors. As demand for crypto exposure grows, we remain committed to providing structured, secure, and forward-thinking investment vehicles that align with blockchain’s future.”

By early 2025, Axelar ranked as the 11th largest blockchain by total value locked (TVL), surpassing $1 billion. 

As interoperability continues to shape the blockchain landscape, Axelar is expected to expand its reach and integrate with networks such as XRP Ledger, Hedera, Stellar, Sui, Solana, and Bitcoin.

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