In a move that could reshape the institutional outlook on Solana, VanEck’s proposed spot Solana ETF, known by its ticker VSOL, has officially been registered with the Depository Trust & Clearing Corporation (DTCC). This registration places the fund under DTCC’s “active ” category, suggesting growing momentum for approval from U.S. regulators and increasing confidence in Solana’s role within the ETF market.

While the DTCC listing does not guarantee a green light from the U.S. Securities and Exchange Commission (SEC), it marks a major procedural step in the ETF pipeline. The development has already made waves in prediction markets and among crypto analysts, who see this as a sign of increasing regulatory engagement and institutional interest in Solana.

VSOL Gets a Step Closer to the Market

VanEck’s VSOL, if approved, would become the first exchange-traded fund in the U.S. directly linked to Solana’s spot market. The listing on DTCC allows the ETF to be prepared for electronic trading and clearing, pending SEC approval. However, it’s important to clarify that the ETF is not yet authorized for creation or redemption.

According to Bloomberg ETF analysts James Seyffart and Eric Balchunas, the SEC has already started reviewing amended S-1 filings for Solana-based ETFs. This level of engagement, Seyffart noted, is “a very positive sign,” though he cautioned that the timing of any formal approval remains uncertain.

This DTCC milestone, coupled with visible SEC activity, is fueling speculation across both traditional and decentralized financial circles. For many, this could mean the beginning of broader ETF diversification beyond Bitcoin and Ethereum.

Polymarket Traders Place 91% Odds on Approval

Prediction platform Polymarket has become a barometer for sentiment surrounding major regulatory decisions in the crypto space. According to current data, traders on the platform are pricing in a 91% probability that a Solana ETF will be approved by the end of 2025. That figure represents a significant leap in confidence following the VSOL appearance on DTCC’s list.

Such high confidence levels often reflect more than just emotion. They are typically backed by signals from regulators, analyst opinions, and broader financial trends. In this case, it’s the convergence of regulatory engagement, institutional entry, and public demand that seems to be moving the needle.

Multiple Firms Join the Race for Solana ETFs

VanEck isn’t alone in the push for Solana-focused ETFs. Other asset management firms—including Bitwise, CoinShares, and Franklin Templeton—have submitted their own proposals. The SEC has delayed making a decision on Franklin Templeton’s application, but the broader wave of applications suggests a new level of attention on Solana as a viable candidate for exchange-traded exposure.

This wave of institutional involvement is happening at a time when Solana’s underlying ecosystem continues to grow. From decentralized finance (DeFi) to non-fungible tokens (NFTs), Solana has emerged as one of the most actively used blockchains, known for its speed and low transaction costs.

These factors have made it a compelling alternative to Ethereum and an increasingly attractive asset for institutional traders seeking diversified crypto exposure.

Growing Interest from Traditional Finance

The DTCC listing is also viewed as a green flag from traditional finance, indicating that the infrastructure necessary to support Solana ETFs is falling into place. The DTCC is responsible for clearing and settling the vast majority of securities transactions in the United States, and inclusion on its list is often seen as a critical step for any ETF making its way to public exchanges.

While registration at this stage doesn’t guarantee success, it does suggest that processes are being put in place to support the fund in the event of SEC approval. For VanEck, this may also serve as a signal to institutional clients that the firm is serious about bringing Solana to a regulated investment framework.

What’s Next for Solana and ETFs

As the ETF race heats up, all eyes are now on the SEC’s next move. Historically, the commission has taken a conservative stance toward crypto products, only recently warming up to the idea of spot-based Bitcoin ETFs after a decade of resistance.

With several Solana ETF applications under review, and the SEC actively working with issuers on S-1 amendments, analysts believe that approval could be closer than many expected just a few months ago.

If approved, a Solana ETF could attract new capital from institutional investors who have so far avoided direct crypto exposure due to regulatory or custodial concerns. A successful ETF would also likely elevate Solana’s standing in global financial markets, positioning it as one of the few blockchain networks with mainstream investment vehicles tied to its asset.

Final Thoughts

The appearance of VanEck’s VSOL on DTCC’s active ETF list is a development worth watching. While it doesn’t seal the deal for ETF approval, it underscores how rapidly Solana is climbing the ranks of institutional credibility.

With prediction markets giving Solana ETF approval a 91% probability and multiple firms joining the race, the stage is set for Solana to move closer to the financial mainstream. Investors, regulators, and asset managers now find themselves at the intersection of crypto innovation and traditional finance, where Solana is emerging as a serious contender.