SEC asks for swift refiling of Solana spot ETF applications

The United States Securities and Exchange Commission has asked asset managers eyeing regulatory approval for spot Solana exchange-traded funds to file revised Forms S-1 before the end of July.

That’s according to a report by crypto publication CoinDesk, which noted that the SEC has asked Solana (SOL) spot ETF issuers to re-submit the applications with the necessary amendments.

Specifically, the regulator is looking to have the amended S-1 registration documents re-submitted in the next three weeks.

According to sources, he SEC is eyeing the re-filed ETF applications to be in by the end of July. SOL, the native token of Solana, traded around $151 at the time of the news report. 

What does this mean?

Analysts have long noted that odds of the SEC giving the greenlight for Solana ETFs in 2025 is higher- Bloomberg’s Eric Balchunas and James Seyffart recently highlighted this prospect at over 95%.

However, the final deadline for the agency to reject or approve crypto ETFs, including those linked to Litecoin, XRP, Dogecoin, and Cardano, is in October. 

For Solana spot ETFs, filed by Canary, Grayscale, Franklin, Invesco, Fidelity, VanEck, Bitwise, 21Shares, and CoinShares, the key deadline is October 10, 2025.  The report that the regulator wants issuers to quickly refile the S-1s with key details such as staking and in-kind redemptions, suggests the market watchdog is eyeing an acceleration of the process.

The SEC took an accelerated approach as it moved to issue spot Ethereum (ETH) ETFs in 2024.

Recently, the regulator allowed for the listing and trading of the REX-Osprey SOL and Staking ETF. The fund, traded under the ticker SSK and the first-ever staking ETF in the U.S., saw about $33 million in volume and $12 million in inflows on its debut.  

REX-Osprey SOL ETF’s application was structured under the Investment Company Act of 1940, which meant it benefited from automatic approval.  

Bitwise filed the amended S-1s for its spot Dogecoin and Aptos ETFs in late June, a move that Balchunas said was a good sign, indicative of engagement from the SEC.