Key Takeaways
- The SEC has asked Solana ETF issuers to update their filings, potentially signaling approval.
- Bloomberg Intelligence increased Solana ETF approval probability to 90%, with decisions expected by October.
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The US SEC has requested prospective Solana ETF issuers to submit their amended S-1 form within the next week as the regulator advances its review process, Blockworks reported Tuesday, citing three sources familiar with the matter.
One source suggested the filing changes could fast-track Solana ETF approval, potentially arriving within three to five weeks.
The SEC will provide comments on the S-1 forms within 30 days of submission, two sources told Blockworks. The agency requested updates to language around in-kind redemptions and staking approaches, with an apparent openness to including staking as part of Solana ETFs.
Grayscale, VanEck, 21Shares, Canary Capital, Bitwise, and Franklin Templeton are among the firms pursuing SEC approval for Solana ETFs. Bloomberg analysts Eric Balchunas and James Seyffart peg the odds of approval in 2025 at 90%, matching their forecast for Litecoin ETF approval.
Seyffart noted this week that the SEC may prioritize reviewing 19b-4 filings for Solana and staked ETFs sooner than expected. He added that issuers and industry players have likely been working with the SEC and its crypto task force to finalize the details.
The SEC delayed a decision on Grayscale’s Solana ETF last month, stating it hadn’t “reached any conclusions” on the 19b-4 filing to list the proposed spot ETF. Grayscale is seeking to convert its SOL Trust into a spot ETF, similar to its Bitcoin and Ethereum ETF conversions.
News of the positive development sent SOL soaring 4%, bringing its price close to $165, per TradingView data.
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