SEC Poised to Approve Solana Spot ETF
Recent reports suggest that the U.S. Securities and Exchange Commission (SEC) is poised to green-light a spot exchange-traded fund (ETF) focused on Solana (SOL) in the near term. Various sources have indicated that the SEC is asking potential ETF issuers for revisions to their S-1 registration statements by next week, which could lead to approval within the next month or so.
According to some insiders, a decision could be forthcoming in just three to five weeks, with the SEC expected to provide feedback on these updated submissions within a 30-day timeframe.
Key Areas of Focus
The areas of focus for these amendments include strategies for managing in-kind redemptions and the potential inclusion of staking within the ETF structure—an aspect the SEC appears tentatively willing to entertain. Notably, Bloomberg Intelligence analyst James Seyffart has highlighted that a decision might be made as soon as July, although the regulatory body has a maximum review period of 240 days that extends into October for final decisions on these filings.
There is speculation that the SEC may be accelerating its review process for specific filings associated with Solana and staking ETFs.
Asset Management Firms Preparing for Launch
Numerous asset management firms, including prominent names like VanEck, Fidelity, Bitwise, Grayscale, Franklin Templeton, and others, are preparing to launch their own Solana ETFs. Grayscale is particularly noteworthy as it aims to transition its existing Solana Trust into a spot ETF, drawing on its previous experience with Bitcoin and Ethereum ETF filings.
The SEC acknowledged Grayscale’s proposal for a Solana ETF in February, marking a substantial change from its previous stance of resistance towards similar initiatives.
Even though the SEC postponed its decision regarding Grayscale’s Solana ETF application back in May, it clarified that no final conclusions had been made, indicating a procedural delay rather than an outright denial.
Market Reaction and Future Outlook
This development has been interpreted positively by market analysts, especially after the Chicago Mercantile Exchange (CME) introduced Solana futures in February—an action often seen as a precursor to potential spot ETF approvals as witnessed in the Bitcoin and Ethereum cases. The introduction of SOL futures has already led to the creation of futures ETFs, which could bolster the case for spot ETF approvals in the future.
Following the groundbreaking approvals of Bitcoin ETFs in January 2024 and Ethereum ETFs in May 2025, the spotlight is now shifting towards Solana and other significant digital assets.
