The U.S. Securities and Exchange Commission (SEC) has accepted NYSE Arca’s 19b-4 filing, allowing the potential listing of a Solana-based spot exchange-traded fund (ETF) from Grayscale Investments.

Notable bc this is the first time an ETF filing tracking a coin that had prev been called a "security" has been acknowledged by SEC. Only six weeks ago the Genz-led SEC told CBOE to withdrawal their Solana 19b-4. So we are now in new territory, albeit just a baby step, but… https://t.co/XiRyA8g3R7
— Eric Balchunas (@EricBalchunas) February 6, 2025

The SEC has opened a 21-day public comment period following the publication of the document in the federal register.

Bloomberg analyst Eric Balchunas highlighted that this is the first time the regulator has accepted an altcoin application, which it has classified as a “security.” His colleague, James Seyffart, reminded that the Commission had previously rejected Solana ETF proposals.

“Six weeks ago, under [Gary] Gensler’s leadership, the SEC forced CBOE to withdraw its Solana 19b-4 application. Now, we’re in uncharted territory… Seems like this is a direct result of leadership changes,” Balchunas explained.

On February 6, the regulator also requested comments on transforming Grayscale Litecoin Trust into an ETF.

Earlier, SEC’s Hester Peirce, who led the crypto-focused group, said that the agency’s priorities include determining which assets are not securities and creating a clear procedure for registering new tokens.

Price Target: $520 by Year-End VanEck analysts predicted Solana could rise to $520 by the end of 2025.

They attribute this expected growth to an anticipated increase in money supply (M2 aggregate) from $21.5 trillion to $22.3 trillion, which will support the cryptocurrency market’s growth and top tokens like SOL.

Experts forecast Solana’s market share will grow from 15% to 22% in the smart contract platform market, which is projected to grow 43% to $1.1 trillion.

“The forecast is supported by the network’s dominance among developers, increasing DEX volumes, revenues, and active users,” the report said.

In January, the SEC also began reviewing Nasdaq’s proposal for a Litecoin-based ETF from Canary Capital.

The SEC is also reviewing five Solana-ETF applications from VanEck, 21Shares, Canary, Bitwise, and Grayscale. Additionally, in November, Bitwise and 21Shares filed documents to launch spot XRP exchange-traded products.