In recent weeks, several firms have submitted updates to their registration statements for spot Solana ETFs while awaiting possible approval from the U.S. Securities and Exchange Commission (SEC).
What is an amended S-1 registration?
An S-1 registration is a document filed with the SEC that companies use to register new securities for public offering. In this case, the amended filings pertain to spot Solana ETFs, which are intended to provide direct exposure to SOL, the native token of the Solana blockchain.
These registration statements include important information about the fund's structure, objectives, fees, custodianship, and risk factors.
Amending the S-1 typically reflects feedback from the SEC or internal adjustments by the issuer.
The process for Solana ETF approval
Once issuers file or amend their S-1s, the SEC reviews the documents and provides comments. Issuers must then respond and potentially submit further updates. This process continues until the SEC determines the proposal is satisfactory.
For a spot ETF to launch, both the S-1 and a separate 19b-4 filing—proposing a rule change to list the ETF on a national exchange—must be approved.
Timing assumptions
The SEC typically responds to amended S-1 filings within two to four weeks. Given the procedural tone of the latest updates and reports of active dialogue, a final decision on the first Solana ETF approvals could arrive by late August or September. Considering the serious nature of issues like redemption and staking, possible approval for the Solana ETF might occur within this timeframe.
While the Solana ETF approval process continues, the amended filings indicate active dialogue between issuers and the SEC, which may lead to a successful conclusion.
