Solana ETF stalls as SEC delays decision on proposals

The push to launch a U.S.-listed Solana ETF has hit another pause. The Securities and Exchange Commission has pushed back its decision on multiple proposals, adding fresh uncertainty.

Summary

• The SEC has postponed its verdict on several Solana ETF proposals.
• ETF analysts currently place the odds of approval at 95%, with increased engagement between issuers and the SEC seen as a positive sign.
• Despite strong industry optimism, the SEC’s final decision to approve or deny the products remains uncertain.

In separate filings on August 14, the SEC announced its decision to delay the ongoing reviews of the proposed launch of a Solana-tracking ETF by three potential issuers. This includes Bitwise, 21Shares, and Canary Capital.

Citing the need for additional time to assess the proposed rule changes, the identical filings extend the deadline for a verdict by a 60-day period. The move is not unfamiliar and follows previous delays for the Solana ETFs, as well as other altcoin-based proposals like XRP in recent months.

With this action, the SEC has used its full allowable extension for the current review cycle, pushing the deadline for a final decision to October 16, 2025. By that date, the regulator must either approve or reject the proposed investment vehicle, aligning with expert predictions for a potential rollout in the second half of the year.

Solana ETF: Is approval likely?

While the unpredictable nature of the regulatory commission makes predicting a verdict challenging, industry optimism is high. In June, Bloomberg ETF analysts James Seyffart and Eric Balchunas placed the odds of approval at 90%, later raising them to 95%.

Commenting on the latest delay, Seyffart maintained that the ETFs are likely to be approved by the October deadline, with further pushbacks considered unlikely. Heightened engagement between the commission and issuers, including a wave of recent amendments, supports the outlook, suggesting productive dialogue is taking place behind the scenes.

Beyond the four delayed proposals, several other asset managers are also vying to launch Solana ETFs. The list includes VanEck, Grayscale, CoinShares, Franklin Templeton, and Fidelity, each with their various products. The SEC also recently acknowledged the latest filing from Invesco Galaxy, adding it to the roster of potential issuers.

So far, the outlook for a positive verdict is strong, but whether the SEC will ultimately greenlight the products or reject them remains uncertain.