A Bloomberg analyst has predicted that a Solana-based exchange-traded fund (ETF) could be approved in the United States as early as 2025. This comes after investment firm VanEck filed the first Solana ETF application with the U.S. Securities and Exchange Commission (SEC).

According to the analyst, James Seyffart, the approval of a Solana ETF is contingent on a change in the administration of the White House and the SEC. Seyffart believes that the current regulatory environment may not be favorable for the approval of a Solana ETF before 2025.

The growing demand for Solana-based investment products has been fueled by the recent approval of spot Ethereum ETFs in the U.S. market. Industry experts believe that the approval of a spot Ethereum ETF could pave the way for other altcoin ETFs, including Solana.

Several asset management firms, such as BlackRock, Grayscale, Franklin Templeton, Fidelity, Bitwise, and others, may follow VanEck's lead and file for their own Solana ETF applications. Additionally, there are expectations that a Ripple (XRP) ETF could also be in the works, as Ripple's president has expressed support for such a product.

The paraphrased article highlights the potential for a Solana ETF to be approved in the U.S. market, but also acknowledges the regulatory hurdles that need to be overcome before such a product can become a reality. The analysis provided by the Bloomberg analyst offers insights into the timeline and factors that could influence the approval process.