PANews reported on February 12 that according to The Block, the U.S. Securities and Exchange Commission (SEC) has officially accepted the spot Solana (SOL) ETF listing application submitted by Cboe BZX Exchange. The applicants include 21Shares, Bitwise, Canary Capital and VanEck.

In addition, Franklin Templeton has also registered Franklin Solana Trust in Delaware, indicating its plan to join the Solana ETF competition. Previously, the ETF conversion application submitted by Grayscale Solana Trust has entered the SEC public comment stage, taking a similar path to Bitcoin ETF.

Bloomberg ETF analysts James Seyffart and Eric Balchunas estimate that the Solana ETF has a 70% chance of approval. However, how regulators define SOL as a commodity or security may still be a key issue in the approval process.