The U.S. Securities and Exchange Commission (SEC) has delayed its decision on Grayscale's application for a Solana ETF, moving the timeline to October 2025.
Reasons for SEC's Delay
The SEC announced the extension of the review process for the Solana ETF application in its filing dated May 13, stating that a final decision is still pending and the application remains under review. Typically, the SEC utilizes the full 240-day period allowed after formally acknowledging an application, which is standard practice in such cases.
Upcoming Crypto ETF Decisions
Despite the delay for Solana, several important decisions regarding other crypto-based ETFs are expected in June. First, the SEC is set to decide on Grayscale's Polkadot ETF on June 11. Another Polkadot ETF application by 21Shares will be reviewed on June 24. June 17 is shaping up to be significant as the SEC is expected to rule on the high-profile filings for Franklin Templeton’s XRP ETF and Bitwise’s Dogecoin ETF.
Investor Optimism
Despite the recent delays, sentiment in the market remains optimistic. Many analysts and investors believe a Solana ETF will be approved before the end of 2025. Ryan Lee, Chief Analyst at Bitget Research, mentioned that while a Solana ETF may be smaller in scale compared to Bitcoin, it could still serve as a powerful vehicle for institutional adoption by providing a regulated entry point into SOL.
Although the SEC has not yet made a final decision on Grayscale's Solana ETF application, key steps in approaching approval of several other crypto ETFs are anticipated, which could influence the market.
