Several fund managers have heeded the request from United States Securities and Exchange Commission (SEC) to file amended form S-1 for their respective spot Solana (SOL) ETFs. On Friday, all fund managers seeking to offer spot Solana ETFs filed amended Form S-1.
On the top list of fund managers seeking to offer spot Solana ETFs in the United States include Franklin Templeton, Fidelity, VanEck, Bitwise, and Grayscale Investments. As Coinpedia reported earlier this week, the U.S. SEC is likely to respond to the form S-1 in the next 30 days, thus triggering a potential altcoin ETF summer in the subsequent months.
Furthermore, Polymarket users predict that there is a 91 percent chance that the U.S. SEC will approve Solana ETFs by the end of 2025.
Market Impact on Solana and its altcoins
The Solana network has recorded significant growth in the past year to scale its throughput and facilitate mainstream adoption of web3. The imminent approval of spot Solana ETFs in the United States will present a major competition to the Ethereum (ETH) dominance in the crypto market.
Furthermore, the Solana network has already attracted several companies that have adopted SOL as a treasury management tool. For instance, SOL Strategies Inc. (CSE: HODL) holds more than 420k Solana coins for its treasury management.
The ultimate impact of the rising adoption of Solana by institutional investors is a major bull rally by the end of this year. According to Matt Hougan, CIO at Bitwise, the wider cryptocurrency market is currently in a summer of accumulation ahead of an epic rally by EOY.
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