The U.S. Securities and Exchange Commission has requested companies launching the Solana ETFs to submit updated documents especially for the S-1 form within the next week as part of a phase in the approval process.
The SEC also said it will review these filings and give feedback within 30 days. This means we’re entering a very important period for Solana ETF hopefuls. The SEC wants the companies to explain how investors will get their money back in crypto. It also wants to know if they plan to include staking, which means earning rewards by helping run the Solana network.
According to a Blockworks report, one source familiar with the process believes that if everything goes smoothly, Solana ETFs could be approved in as little as three to five weeks, i.e., July 2025. That would be a huge milestone for the Solana ecosystem and the broader crypto market.
Bloomberg ETF analyst James Seyffart said, “We think the SEC may now focus on handling 19b-4 filings for Solana and staking ETFs earlier than planned.” Official deadlines for decisions are in October, but if current progress continues, approvals could happen as early as July.
Several major firms are in the race to launch a Solana ETF, including Fidelity, Franklin Templeton, VanEck, Bitwise, Canary Capital, 21Shares, and Grayscale. So far, most of these companies haven’t commented publicly, but that hasn’t stopped the buzz in the industry.
Grayscale, known for converting its crypto trusts into ETFs, is trying to do the same with its Solana Trust. However, last month, the SEC delayed its decision on Grayscale’s application.
Seyffart also believes that most crypto ETF applications could get approved this year. He also added that both Solana and XRP already have futures-based ETFs, which usually makes it easier for the SEC to say yes to spot ETFs.
Another Bloomberg analyst, Eric Balchunas, recently said he’s even more confident now. He raised the chances of a Solana ETF being approved to 90%, up from 70%, because things are moving in the right direction.
One big reason is that the CME (Chicago Mercantile Exchange) started Solana futures trading in February. The same thing happened before with Bitcoin and Ethereum—futures came first, and then the ETFs were approved.
Also Read: Fact Check: Is BlackRock Really Filing for XRP and SOL ETFs?
