SEC Postpones Decision on Solana ETFs to October 2025

The U.S. Securities and Exchange Commission (SEC) has once again delayed its decision on pending Solana ETF applications, pushing the next deadline into October.

• SEC postponed rulings on the Bitwise Solana ETF and 21Shares Core Solana ETF until October 16, 2025.
• The delay is consistent with the agency’s approach to other crypto ETF proposals, including those tied to Grayscale and Fidelity.
• Dozens of crypto ETF applications — from XRP to DOGE — are in line as the SEC reviews filings under a friendlier administration.
• Recent regulatory shifts show the SEC warming up to crypto ETFs, following approvals for Bitcoin and Ethereum products.

The SEC announced on Thursday that it would extend its review of Solana ETF proposals from Bitwise and 21Shares, stating that more time was needed to fully assess the rule changes and the issues raised. This decision follows the agency’s established pattern of delaying crypto ETF applications, often multiple times before reaching a final ruling.

Other issuers, including Grayscale, ProShares, Canary, and Fidelity, are also awaiting responses to their Solana ETF filings. Several firms recently updated their proposals in efforts to align with SEC expectations and increase the likelihood of approval. However, BlackRock, the world’s largest asset manager and a key player in Bitcoin and Ethereum ETFs, has made clear it has no immediate plans for a Solana fund.

Solana ETF Flows. Source: Farside Investors

The SEC’s stance toward crypto ETFs has evolved significantly over the past year. The regulator has approved in-kind creations and redemptions for crypto ETFs, as well as spot Bitcoin and Ethereum ETFs, marking a major departure from its historically cautious approach. These shifts were largely set in motion during the Biden administration, following a pivotal court ruling that forced the agency to reconsider its position.

Final thought

While the latest delay may frustrate market participants eager for a Solana ETF, the broader regulatory landscape suggests momentum is building. With multiple issuers lined up and the SEC gradually warming to digital asset products, approval may be more a matter of timing than principle.