The U.S. Securities and Exchange Commission (SEC) has formally requested that firms seeking to launch Solana (SOL) spot exchange-traded funds (ETFs) submit updated registration filings

The U.S. Securities and Exchange Commission (SEC) has formally requested that firms seeking to launch Solana (SOL) spot exchange-traded funds (ETFs) submit updated registration filings

The U.S. Securities and Exchange Commission (SEC) has requested that firms seeking to launch Solana (SOL) spot exchange-traded funds (ETFs) submit updated registration filings within the next week.

The agency is specifically asking for amendments to S-1 registration statements to address critical elements, including in-kind redempptions and detailed disclosures surrounding staking mechanisms — a feature unique to proof-of-stake blockchains like Solana.

The SEC’s request comes as the agency moves into a more hands-on phase of its review process.

Historically cautious toward crypto-based financial products, the SEC’s willingness to engage on these technical elements signals a possible softening stance toward digital asset ETFs beyond Bitcoin and Ethereum. Market participants are closely watching these developments as a potential inflection point for broader crypto ETF approvals.

According to multiple sources, the SEC plans to review the updated filings and provide feedback within approximately 30 days of receipt. While the formal 240-day review period extends until October 2025, market participants interpret this expedited approach as a signal that the agency may be willing to greenlight Solana ETFs much sooner, possibly by late June or July.

ETF Industry Responds to Accelerated Review

A growing list of asset managers are competing for a first-mover advantage in the Solana ETF race. Among the current applicants are Grayscale, VanEck, Fidelity, Bitwise, Canary Capital, Franklin Templeton, and 21Shares. This competitive landscape reflects increasing institutional interest in diversifying crypto offerings beyond Bitcoin and Ethereum.

Market analysts are increasingly optimistic about the likelihood of approval. Bloomberg Intelligence’s James Seyffart now estimates that the SEC could approve the first Solana spot ETFs as early as July 2025, assigning roughly 90% odds to a summer launch. Fellow Bloomberg ETF analyst Eric Balchunas described these developments as potentially ushering in an “altcoin ETF summer,” which may see crypto index funds, staking ETFs, and Solana products spearheading a broader wave of regulated crypto investment vehicles.

The market reacted positively to the news, with Solana’s price rising approximately 3–5% following initial reports, trading around $163 to $165. This rally underscores investor enthusiasm for increased institutional access to Solana and the potential for heightened demand through regulated ETF products.

Potential Implications for Crypto ETF Landscape

The SEC’s openness to reviewing staking features within ETF structures represents a notable shift in the regulatory approach to crypto-based financial products. Staking, integral to Solana’s proof-of-stake protocol, allows token holders to earn rewards by participating in network validation. If approved, Solana spot ETFs incorporating staking could provide investors with exposure not only to price movements but also to staking rewards — potentially enhancing yields for long-term holders.

However, including staking features also introduces additional regulatory and operational complexities. Questions around custodial arrangements, slashing risks, and tax implications remain areas of active discussion between issuers and regulators.

An accelerated approval could significantly broaden institutional and retail access to Solana, positioning the asset alongside Bitcoin and Ethereum within the growing suite of regulated crypto ETFs. As regulatory frameworks evolve, the Solana ETF review process may serve as a critical test case for future altcoin-based ETFs in the United States.