The United States Depository Trust & Clearing Corporation (DTCC) has officially listed the first Solana futures ETFs, issued by Volatility Shares:

- $SOLZ – Volatility Shares Solana ETF

- $SOLT – Volatility Shares 2X Solana ETF

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The History and Challenges of Solana ETFs

Solana, a high-performance blockchain platform, has garnered significant attention from investors and financial institutions. However, the journey toward establishing Solana-based Exchange-Traded Funds (ETFs) has been marked by both enthusiasm and regulatory hurdles.

Early Developments and Regulatory Hurdles

In mid-2024, investment firms such as "VanEck" and "21Shares" filed applications to launch Solana ETFs, aiming to provide investors with direct exposure to (SOL) tokens. However, the U.S. Securities and Exchange Commission (SEC) expressed concerns, particularly regarding the classification of Solana's native token, SOL, as a security. This led to the withdrawal of initial applications, as the SEC halted progress on the proposed Solana ETFs.

Renewed Efforts Amid Changing Regulatory Climate

The political landscape shifted with the election of President Donald Trump in late 2024, who signaled a more crypto-friendly administration. This change spurred renewed efforts from asset managers. In November 2024, Cboe BZX Exchange submitted proposals to list and trade four Solana ETFs on behalf of Bitwise, VanEck, 21Shares, and Canary Funds. These applications aimed to classify the ETFs as "commodity-based trust fund shares," anticipating a more favorable regulatory environment.

Challenges and Future Prospects

Despite the optimistic regulatory shift, challenges persist. The SEC's previous stance on SOL as a security raises questions about the approval of spot Solana ETFs. Additionally, the absence of a mature futures market for Solana, unlike Bitcoin and Ethereum, complicates the approval process. Analysts suggest that launching a Solana futures ETF could pave the way for spot ETFs, but this requires time to establish performance records and market maturity.

In summary, while the path to Solana ETF approval has been fraught with regulatory challenges, evolving political and regulatory dynamics offer a cautiously optimistic outlook for the future integration of Solana-based financial products into mainstream markets.