In a move signaling growing institutional interest in Solana (SOL), investment giants VanEck and 21Shares have filed applications for the first-ever Solana exchange-traded funds (ETFs) with the U.S. Securities and Exchange Commission (SEC). The applications, submitted through the Chicago Board Options Exchange (Cboe), mark a significant development for the rapidly growing blockchain network.

VanEck executive Matthew Sigel confirmed the filings on social media, expressing the company’s enthusiasm for bringing the “FIRST Solana exchange-traded fund in the US” to market. The SEC now has a deadline of mid-March 2025 to respond, but industry observers believe the political landscape could play a decisive role in the approval process.

According to Bloomberg ETF analyst Eric Balchunas, a potential victory for Donald Trump in the upcoming presidential election could significantly increase the chances of approval. Sigel himself has previously hinted that the filing was partly a strategic bet on Trump’s crypto-friendly stance. Balchunas likened the move to “a call option on the POTUS election,” highlighting the potential impact of a change in leadership on regulatory decisions.

The lack of established Solana futures contracts currently presents a technical hurdle for the proposed ETFs. However, Balchunas suggests that a Trump presidency could pave the way for more flexible regulations, potentially allowing these products to move forward.

The news comes at a positive time for Solana, with the SOL token experiencing a 5% price increase in the last 24 hours and currently trading at around $142. With regulatory approval still pending, investors will be closely watching the upcoming elections and the SEC’s decision-making process in the coming months.