SEC Poised to Approve Solana ETF: Insights Into the Approval Process
By Micah Zimmerman | June 10, 2025
In a development likely to excite the cryptocurrency community, reports suggest that the U.S. Securities and Exchange Commission (SEC) may soon approve a spot exchange-traded fund (ETF) for Solana (SOL). The anticipated approval could occur within the next few weeks, according to multiple sources cited by Blockworks.
SEC’s Request for Updated Filings
As part of its ongoing review process, the SEC has reportedly requested that potential issuers of the Solana ETF submit amended S-1 registration statements by next week. This step indicates that the agency is progressing in its evaluation of the proposed financial products. One source indicated that approval could materialize in a timeframe of three to five weeks following these submissions.
Furthermore, the SEC is expected to provide feedback on the amended filings within 30 days, focusing specifically on two major areas: the management of in-kind redemptions and the incorporation of staking within the ETF structure. Notably, there are indications that the SEC may be open to allowing staking as part of these products.
Analysts Weigh In on Timing and Market Trends
Bloomberg Intelligence analyst James Seyffart commented that a decision from the SEC could arrive as early as July. However, the regulatory body’s final deadlines for making such decisions extend to October, based on the standard 240-day review period for such filings. Notably, the SEC appears to be prioritizing filings related to Solana and staking ETFs more swiftly than previously anticipated.
Several asset management firms are currently positioning themselves to offer a Solana ETF. Notable names in this space include VanEck, Bitwise, Fidelity, Grayscale, Franklin Templeton, Canary Capital, and 21Shares. This strategic move follows a pattern observed with Bitcoin and Ethereum ETFs, as these firms seek to capitalize on a growing interest in digital assets.
Grayscale’s Ongoing Efforts
Grayscale, one of the most recognized names in cryptocurrency asset management, is also actively pursuing the conversion of its existing Solana Trust into a spot ETF. This initiative draws upon the successful framework the firm has employed for its Bitcoin and Ethereum products. The SEC acknowledged Grayscale’s Solana ETF proposal in February, signaling a notable shift in regulatory attitude compared to its previous cautious stance.
Although the SEC delayed its decision on Grayscale’s Solana ETF in May, the agency expressed no definitive conclusions at that time. Market observers interpreted this procedural delay as a potentially favorable sign, particularly given that the Chicago Mercantile Exchange (CME) launched Solana futures in February—a move that often precedes the approval of ETFs.
The Market’s Forward Momentum
The emergence of futures markets for Solana has already facilitated the launch of multiple Solana futures ETFs, including two from Volatility Shares. As the cryptocurrency landscape evolves, attention is rapidly shifting toward other leading digital assets like Solana, especially after the successful approval of spot Bitcoin ETFs in January 2024 and Ethereum ETFs in May 2025. The development of these futures markets frequently serves as a precursor to the approval of spot ETFs, drawing direct parallels to the pathways witnessed with Bitcoin and Ethereum.
In conclusion, the potential for a Solana ETF approval represents a significant milestone in the ongoing integration of digital assets into mainstream finance. As firms prepare for this new wave of investment products, the market will watch closely for developments from the SEC in the coming weeks.
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