The road to launching a U.S.-listed Solana ETF just hit another speed bump. The Securities and Exchange Commission (SEC) has once again postponed its decision on several Solana ETF proposals, injecting a fresh dose of uncertainty into an otherwise optimistic market.
Another Delay for Solana ETF Proposals
In separate filings dated August 14, the SEC announced it would delay rulings on three Solana ETF applications from Bitwise, 21Shares, and Canary Capital. The regulator cited a need for more time to evaluate the proposed rule changes, extending the review period by 60 days.
This move isn’t unusual. Similar delays have recently affected other altcoin-based ETF proposals, including those tied to XRP. Now, the new deadline for a final decision is set for October 16, 2025 at which point the SEC must either approve or reject the products.
“The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider,” the filings stated.
With this extension, the SEC has now used its full allowable review period for these ETFs.
Approval Odds Remain High
Despite the delay, sentiment in the ETF industry remains overwhelmingly bullish. Bloomberg ETF analysts James Seyffart and Eric Balchunas first pegged approval odds at 90% in June, later raising them to 95%. Seyffart has reiterated that he expects the SEC to sign off on the proposals by the October deadline, with further extensions unlikely.
One reason for optimism? Increased communication between the SEC and ETF issuers, along with recent amendments to filings a sign that productive discussions are happening behind the scenes.
More Players Join the Race
The competition to launch the first U.S.-listed Solana ETF is heating up. Beyond the three delayed proposals, heavyweights like VanEck, Grayscale, CoinShares, Franklin Templeton, and Fidelity are also in the mix. Most recently, the SEC acknowledged a filing from Invesco Galaxy, adding yet another contender to the growing roster.
Bottom Line
While the SEC’s unpredictable decision-making keeps the final outcome uncertain, the outlook remains bright. If approval comes in October, as analysts expect, Solana ETFs could roll out in the second half of 2025 opening the door for broader institutional access to one of crypto’s fastest-growing ecosystems.
