Mertkan Oruc and Emir Yildirim
June 12, 2025•Update: June 12, 2025
ANKARA
The cryptocurrency market is turning its focus to the potential approval of a Solana exchange-traded fund (ETF), following similar green lights for Bitcoin and Ethereum—a move that could signal deeper integration of digital assets into the traditional financial system and boost interest in the crypto ecosystem.
The process of adapting cryptocurrencies for conventional finance continues to gain momentum.
After the US approved ETFs for Bitcoin and Ethereum—the two largest cryptocurrencies by market capitalization—attention has shifted to the next wave of altcoins, including Solana.
With the return of a more crypto-friendly economic administration following the re-election of US President Donald Trump, ETF filings with the US Securities and Exchange Commission have emerged for a number of altcoins such as Litecoin, Ripple, Dogecoin, and Cardano.
Analysts say that Solana stands out for potential approval due to the coin’s value of over $80 billion.
According to crypto media outlet Blockworks, the US Securities and Exchange Commission recently asked several applicants to update their documents related to Solana spot ETF proposals—a development analysts say mirrors the process seen before the Bitcoin and Ethereum approvals.
Nurullah Dundar, a lecturer at Istanbul Medipol University, told Anadolu that the Bitcoin and Ethereum ETF approvals have allowed institutional investors to be more accepting of cryptocurrencies, and Solana’s approval could bring a significant jump in price and adoption as one of the 10 most valuable cryptocurrencies.
“Rumors of an ETF approval for Solana show that there is long-term confidence in the sector, and it is strengthening, as regulations are updated to cover the crypto market rather than exclude it,” he said.
“Enabling Solana to be accessible to institutional investors boosts the confidence and the interest in the project, and it could also solidify its position as the best alternative to Ethereum.”
Dundar also pointed out that during the ETF approval process, crypto projects are often expected to demonstrate improvements in network security, sustainability, and regulatory compliance.
“Projects with large market caps and strong communities, such as Avalanche, Ripple, and Chainlink, may also be subject to ETF approval applications over time,” he added.
