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Following the removal of SEC leadership from Gensler, asset managers and ETF sponsors are actively filing applications for altcoin ETFs. One such application has been submitted for Canary and SOL Coin. As the year concludes, Bloomberg experts anticipate a 90% likelihood of LTC ETF approvals, while other cryptocurrencies have a 60-75% chance of receiving similar endorsements.
SOL Coin ETF Approval Expected
In November, many ETF decisions are anticipated. Bloomberg analysts predict a greater than 50% probability that SOL Coin ETFs will gain approval this year. LTC is viewed as almost certain to receive approval, with the U.S.-based SOL Coin ETF potentially benefiting from its structural similarity to the previously approved ETH ETF.
The application for the Canary Solana 
$177 Trust was recently accepted by the SEC for review, submitted by Cboe BZX Exchange, Inc. Canary Capital Group LLC will be the fund’s issuer.
The application outlines three risks associated with SOL Coin, reflecting standard concerns similar to those in BTC and ETH filings. The listed risks include:
- The PoH technology is not widely adopted, posing potential systemic risks.
- Technical glitches and security vulnerabilities could impact the network’s reliability.
- Past outages on the Solana network have caused problems, occurring once or twice annually.
The fund will not involve staking SOL assets or attempt to generate additional returns. Any extra digital assets arising from processes like airdrops or forks will not be considered.
The SEC may approve the application within 45 days or extend the review period by up to 90 days.
