The US Securities and Exchange Commission has requested prospective Solana ETF issuers to submit amended S-1 forms within the next week.

This development marks a step forward in the regulatory review process for spot SOL exchange-traded funds.

The US Securities and Exchange Commission has requested prospective Solana ETF issuers to submit amended S-1 forms by next week.

Three sources familiar with the matter told Blockworks that the regulator’s request for filing updates could speed up the approval timeline. One source suggested Solana ETF approval could arrive in three to five weeks.

The regulator will provide comments on the S-1 forms within 30 days of submission. Two sources stated that the SEC requested updates to language around in-kind redemptions and staking approaches.

The agency appears open to including staking as part of Solana ETFs. This represents a development in how the SEC views staking mechanisms within ETF structures.

Major Asset Managers Pursue Approval

Several prominent asset managers are seeking SEC approval for Solana ETFs. Grayscale, VanEck, 21Shares, Canary Capital, Bitwise and Franklin Templeton have all filed applications.

Fidelity has also joined the list of firms pursuing SOL ETF approval. These companies are racing to offer traditional investors easier access to Solana through regulated investment vehicles.

Bloomberg analysts Eric Balchunas and James Seyffart estimate the odds of Solana ETF approval in 2025 at 90%. This matches their forecast for Litecoin ETF approval probability.

Seyffart noted this week that the SEC may prioritize reviewing 19b-4 filings for Solana and staked ETFs sooner than expected. He suggested that issuers and industry players have likely been working with the SEC and its crypto task force to finalize details.

The SEC delayed a decision on Grayscale’s Solana ETF last month. The regulator stated it had not reached any conclusions on the 19b-4 filing to list the proposed spot ETF.

Price Response to ETF News

SOL price surged following the ETF development news. The token jumped 4% initially, bringing its value close to $165 according to TradingView data.

CoinDesk reported that SOL surged 5% in after-hours trading on Tuesday. The price moved above $164 in the minutes following the Blockworks report.

The token gained nearly 5% over a 24-hour period following the news. This price movement reflects investor optimism about potential ETF approval.

Asset managers began pursuing alternative cryptocurrency ETFs after the successful debut of bitcoin and ether spot ETFs in the US. These products offered traditional investors regulated access to digital assets.

Grayscale is seeking to convert its SOL Trust into a spot ETF. The company previously completed similar conversions for its Bitcoin and Ethereum products.

CoinDesk reached out to prospective issuers for confirmation of the SEC’s requests. The publication had not received responses from the companies at the time of publication.