The odds of a Solana (SOL) exchange-traded fund (ETF) hitting U.S. markets before the end of 2025 are “overwhelmingly high,” according to Matthew Sigel, head of digital asset research at VanEck. Speaking to the Financial Times on Nov. 15, Sigel linked the optimistic outlook to a potentially crypto-friendly shift in U.S. policy following Donald Trump’s presidential election win.
“We expect the SEC to greenlight more crypto products than it has in the past four years,” Sigel noted. “I think the odds are overwhelmingly high that there will be a Solana ETF trading by the end of next year.”
Trump’s victory is seen as a catalyst for the SEC to approve a backlog of proposed crypto ETFs, including those for Solana, XRP, and Litecoin. Asset managers also have applications pending for crypto index ETFs designed to hold a mix of altcoins, providing investors with diversified exposure to the market.
Eric Balchunas, ETF analyst at Bloomberg Intelligence, called these filings “call options on a Trump victory.” Under the Biden administration, the SEC ramped up its regulatory crackdown, initiating over 100 actions against crypto firms. Trump’s presidency could bring a dramatic shift, including the appointment of a more libertarian SEC chair, potentially replacing Gary Gensler.
While no official replacement has been named, Trump is reportedly considering Summer Mersinger for the Commodity Futures Trading Commission (CFTC) chair role. Mersinger, a Republican CFTC commissioner, has advocated for a more crypto-friendly approach, which could further ease the path for digital asset ETFs.
The SEC is already reviewing key proposals, including Grayscale’s application for an ETF holding a basket of cryptocurrencies and a request to launch options tied to spot Ether ETFs on NYSE American.
“This election was a massive win for crypto. It’s a complete game-changer,” said Matt Hougan, CIO of Bitwise Asset Management. With the regulatory landscape poised for a shakeup, 2025 could mark a turning point for the U.S. crypto ETF market.
