Solana Soars on Expectations of Spot ETF Approval

Son Min

Summary

It reported that Solana's price recently hit an eight-month high, driven by corporate treasuries and expectations of spot ETF approval.
Global listed companies have bought Solana in large quantities, securing 3% of the total circulating supply, and announced additional fundraising and purchase plans.
It explained that by the U.S. Securities and Exchange Commission (SEC) simplifying ETF listing standards, the rapid ETF launch of assets like Solana has become more likely.

Crypto Now

Large purchases by global listed companies have a major impact

Intraday $253…eight-month high

Solana's price has recently surged. Backed by corporate treasuries and expectations of spot exchange-traded fund (ETF) approval, some forecasts suggest a full-fledged bull market could begin.

On the 21st, according to CoinMarketCap, Solana rose 5% over the past week and was trading around $246. On the 18th, it even surged intraday to $253, marking an eight-month high. That represents a rise of up to 44% from the $175 recorded in mid-last month. Expectations for further gains have also increased. According to decentralized prediction platform Polymarket, the probability that Solana will surpass its all-time high ($295) within the year is 62%, roughly double that of a month ago.

A major reason for optimism about Solana is large-scale purchases by listed companies. On the 15th, Nasdaq-listed Forward Industries secured 6,820,000 Solana, worth about $1.69 billion at current prices. Nasdaq-listed DeFi Development also bought an additional 62,745 this week alone, bringing its holdings to over 2,090,000. The total amount of Solana held by 17 global listed companies now accounts for about 3% of the total circulating supply.

Corporate buying of Solana is expected to strengthen further. On the 17th, Forward Industries announced it would raise an additional $4 billion to buy Solana. Nasdaq-listed Helius Medical Technologies also unveiled fundraising plans to join Solana accumulation, seeking $500 million to up to $1.25 billion.

The possibility of spot ETF approval is another factor fueling hopes of further gains. On the 17th, the U.S. Securities and Exchange Commission (SEC) approved the "ETF general listing standards," which simplify the listing process for spot ETFs. Under this change, assets that meet certain requirements—such as having perpetual futures traded on an exchange for at least six months—can be listed as ETFs automatically without individual SEC review. Eric Balchunas, a Bloomberg ETF analyst, said, "Cryptocurrencies like Solana and XRP, which have had futures traded on Coinbase for more than six months, can have ETFs launched faster," explaining that the likelihood of ETF approval has increased.

Sonmin, Bloomingbit reporter sonmin@bloomingbit.io

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