Seyffart expressed his skepticism about a swift approval, drawing parallels with the Bitcoin ETF launch. He said, “The Bitcoin ETF launch saw numerous filings over the months leading up to the launch, so I wouldn’t expect an immediate approval.” The US launched its first spot Bitcoin ETFs in January 2024, over a decade after the first application was filed by Tyler and Cameron Winklevoss, the co-founders of crypto exchange Gemini, in 2013.

All the filings submitted on June 13, including those from Fidelity Investments, 21Shares, Franklin Templeton, Grayscale Investments, Bitwise Investments, and Canary Capital, contained “staking language.” VanEck—the first US company to apply for a spot Solana ETF in June 2024—was the final applicant to submit its S-1 amendment for the day.

Seyffart believes that while “lessons learned” from previous spot Bitcoin and Ether ETF approvals might expedite the process, they don’t necessarily apply to staking. Currently, spot Ether (ETH) ETF products are also being reviewed to incorporate the highly anticipated staking feature.

The analyst also speculated on the possibility of the spot Solana ETFs launching with staking simultaneously with spot Ether ETFs, should the SEC approve. However, he clarified that he doesn’t have any definitive insights into what will transpire.

As of April 30, Bloomberg Intelligence increased its forecasted probability of a Solana ETF approval in 2025 to 90%. Additionally, in January, Joe Lubin, the founder of Consensys, expressed optimism about ETF issuers receiving regulatory clearance for funds offering staking soon.

Eric Balchunas, a senior ETF analyst at Bloomberg, advised the crypto industry to brace for a potential altcoin ETF summer, with Solana likely taking the lead.

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