What happened?
The SEC approved 21Shares’ Form 8‑A to custody a Solana spot ETF and registered the product on the Cboe BZX, meaning it could start trading soon. At the same time, a U.S. government shutdown has paused SEC reviews of S‑1 filings, delaying other issuers from completing their registrations. 21Shares is the only issuer so far to finish the Form 8‑A step, while multiple firms (like Fidelity, Grayscale, Bitwise and others) have filed or amended S‑1s waiting for the next steps.
Who does this affect?
Retail and institutional investors who want regulated, easy exposure to SOL are the biggest beneficiaries because an ETF simplifies buying and custody. Issuers, exchanges, market makers and asset managers are affected too since they must complete filings, clear exchanges and set up trading infrastructure. SOL holders and corporate treasuries (DATs) are also impacted because ETF listings and accumulation by treasuries can drive big price moves and change liquidity dynamics.
Why does this matter?
ETF approval paves the way for large institutional inflows that could materially increase SOL’s liquidity and push prices higher. Analysts and on‑chain data point to strong accumulation and a bullish technical setup, with targets cited in the $260–$300 range, so a live U.S. ETF could catalyze that rally. At the same time, the government shutdown and staggered filings create timing uncertainty and likely short‑term volatility as the market prices in approvals and launches.