SEC postpones decision on Solana ETF
SEC delays decision on Grayscale’s Solana ETF until October 2025
The U.S. Securities and Exchange Commission (SEC) has postponed its decision on Grayscale’s proposed spot Solana (SOL) ETF, pushing the review deadline to October 2025.
The delay comes as the industry awaits decisions on several other crypto ETFs, including those based on Polkadot (DOT), XRP, and Dogecoin (DOGE), with deadlines looming in June, reports Cointelegraph.
The SEC’s May 13 filing confirmed that the Solana ETF application—aimed at listing on the New York Stock Exchange—will face additional scrutiny. Grayscale first filed for the Solana Trust ETF earlier this year, betting on investor appetite for regulated exposure to one of crypto’s top-performing layer-1 networks.
Spot ETFs seen as catalyst for institutional adoption
The delay mirrors a familiar pattern from past SEC decisions, where the agency often exhausts its full 240-day review window. Spot ETFs are widely seen as a bridge for institutional capital to enter crypto markets via traditional channels. In Bitcoin’s case, spot ETFs accounted for roughly 75% of all new investment inflows after their approval in early 2024, pushing BTC past $50,000 within a month of launch.
While Solana’s ETF is unlikely to generate Bitcoin-level demand, analysts say it could still unlock billions in capital and offer much-needed legitimacy to the ecosystem. “A Solana ETF could drive long-term institutional adoption,” said Ryan Lee, chief analyst at Bitget Research.
Market optimism persists despite SEC caution
Despite the SEC’s delay, sentiment remains bullish. Data from prediction market Polymarket shows investors assigning an 82% probability to Solana ETF approval by year-end, with Litecoin (LTC) ETF approval odds at 80%.
Attention now shifts to June, when the SEC is scheduled to rule on other major filings. These include Grayscale’s Polkadot ETF (June 11), 21Shares’ Polkadot ETF (June 24), Franklin Templeton’s XRP ETF (June 17), and Bitwise’s Dogecoin ETF (June 17). Given historical precedent, further delays are likely.
For now, the industry is bracing for a summer of decisions—or more extensions—as the SEC continues to navigate a wave of crypto ETF applications amid a shifting regulatory landscape.
Recently we wrote that asset manager VanEck has filed a registration statement with the U.S. Securities and Exchange Commission to launch the first U.S.-based exchange-traded fund (ETF) tied to Binance Coin (BNB).
