Catenaa, Sunday, June 15, 2025- The Securities and Exchange Commission has asked asset managers to update filings for proposed spot Solana exchange-traded funds, a step widely seen as signaling a possible path to approval, according to a report by Blockworks published recently.
While the timeline remains uncertain, Bloomberg senior ETF analyst Eric Balchunas said in a report that approval could come within two to four months.
The request to revise S-1 documents marks the SEC’s first active engagement with Solana ETF proposals since delaying decisions on applications from Bitwise and 21Shares last month.
The crypto market has surged with optimism in recent days. Solana’s price jumped roughly 4% from $158 to $164 following news of the SEC’s request.
Publicly traded firms linked to Solana also gained. DeFi Development Corp. rose 17%, while SOL Strategies gained 8.4%, Nasdaq data showed.
The SEC’s move follows its approval of spot bitcoin and ether ETFs in 2024, which opened the floodgates to altcoin-based proposals.
Industry players, including VanEck, Canary, and Fidelity, have filed to launch SOL, XRP and other cryptocurrency funds. Analysts anticipate a wave of spot crypto ETFs launching as early as July.
Balchunas noted that market participants are racing to be first to launch new funds, suggesting early movers could see higher investor inflows.
While he cautioned that Solana’s ETFs are unlikely to match bitcoin’s scale, the upcoming wave of funds could still generate substantial activity.
Grayscale and Fidelity declined to comment on the ongoing review process.
