SEC Requests Revisions on Solana ETF Proposals
The U.S. Securities and Exchange Commission (SEC) is moving forward in its review of Solana (SOL)-based spot exchange-traded fund (ETF) proposals, signaling a possible green light for approval later this year. Multiple issuers, including Grayscale, VanEck, 21Shares, Canary, Bitwise, Franklin, and Fidelity, have received requests from the SEC to update their S-1 registration filings in the coming week.
The SEC’s request reportedly focuses on revisions to the redemption mechanism within the proposed ETFs, including the swap structure between ETF shares and SOL tokens. Another area of regulatory attention is whether staking SOL tokens within the fund structure will be permissible, a topic that remains legally ambiguous but is increasingly relevant given the yield-generating nature of many Layer 1 assets.
These developments represent a notable shift in the regulatory posture toward Solana. Bloomberg analysts have now raised the probability of a Solana spot ETF approval to 90%, up from an earlier estimate of 70%. The earliest potential approval date is currently projected for October 10, 2025, though industry watchers believe a final SEC decision could come as early as July if progress continues at the current pace.
“The SEC asking for updated S-1s is a very positive signal,” said Eric Balchunas, Senior ETF Analyst at Bloomberg Intelligence. “It means they’re engaging with the filings rather than outright rejecting or delaying them indefinitely.”
Accelerated Timeline and Market Impact
According to reporting from BeInCrypto and Blockworks, the SEC is expected to return comments on the updated S-1 filings within 30 days. If issuers respond quickly, approval could arrive as soon as late July, well ahead of the official October deadline. This has sparked renewed optimism in the market, with prediction platform Polymarket showing a sharp increase in the odds of a July approval.
Amid this speculation, SOL surged by over 4.5% intraday. Technical analysts noted that SOL broke above its 50-day moving average and is now testing a descending channel, with a potential target near $183 if bullish momentum continues.
The increased optimism around Solana ETFs follows a broader trend of growing institutional acceptance of crypto-based investment products. Following the successful rollout of spot Bitcoin ETFs earlier this year, attention has turned to other high-cap assets such as Ethereum, and now Solana, as logical next steps.
Solana’s network has gained traction with developers and retail users alike, particularly due to its high throughput and low transaction costs. While the SEC has yet to officially declare SOL a commodity, analysts believe it is “likely” that the asset falls under the same regulatory treatment as BTC and ETH.
Read more: Is Solana a Good Investment in 2025? A Comprehensive Analysis
