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The U.S. Securities and Exchange Commission (SEC) may approve a spot Solana exchange-traded fund (ETF) in the coming months, according to industry sources. Reports indicate that the SEC has requested potential Solana ETF issuers to submit amended S-1 registration statements by next week. Approval could arrive within three to five weeks, pending regulatory review.

SEC’s Review Process and Key Considerations

Sources have revealed that the SEC plans to provide feedback on updated filings within 30 days. These updates focus on two critical aspects:

  • How issuers will manage in-kind redemptions.
  • Whether staking will be integrated into the ETF structure.

Interestingly, the SEC appears open to allowing staking as part of these investment products, marking a potential shift in its stance toward cryptocurrency ETFs.

Timeline for Approval

James Seyffart, a Bloomberg Intelligence analyst, has suggested that an approval could happen as early as July. However, the official deadlines for SEC decisions, based on the 240-day review period, extend into October. Seyffart also noted that the agency may now be prioritizing filings related to Solana and staking ETFs ahead of initial expectations.

Asset Managers Join the Race for a Solana ETF

Several prominent asset managers are preparing to launch a Solana ETF. These include VanEck, Bitwise, Fidelity, Grayscale, Franklin Templeton, Canary Capital, and 21Shares. Their interest reflects growing confidence in Solana as a major player in the cryptocurrency market.

Grayscale’s Approach to Solana ETFs

Grayscale is aiming to convert its existing SOL Trust into a spot ETF. This strategy mirrors its approach for Bitcoin and Ethereum products, which have already paved the way for spot ETFs in those markets. The SEC formally acknowledged Grayscale’s Solana ETF proposal earlier this year, signaling a potential shift in the regulator’s attitude toward crypto-based ETFs.

While the SEC delayed its decision on Grayscale’s Solana ETF in May, the move was procedural rather than an outright rejection. This delay has been interpreted as a positive sign, particularly in light of other developments in the market.

Market Developments and SOL Futures

Earlier this year, the launch of Solana (SOL) futures by CME Group was seen as a significant step forward. Historically, the introduction of futures markets has often preceded the approval of spot ETFs, as observed with Bitcoin and Ethereum. SOL futures ETFs have already entered the market, with offerings from firms such as Volatility Shares.

The approval of spot Bitcoin ETFs in January 2024 and Ethereum ETFs in May 2025 has further shifted attention toward other leading digital assets like Solana. These milestones suggest that the regulatory environment for cryptocurrency ETFs is evolving, opening doors for broader adoption and investment opportunities.

“The existence of futures markets often paves the way for spot ETF approval, as seen with Bitcoin and Ethereum.”

As the SEC continues its evaluation, market participants remain optimistic about the potential approval of a Solana ETF. This development could further solidify Solana’s position as one of the top digital assets in the cryptocurrency ecosystem.

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