BIG Solana News: SEC Delays Solana ETF Decision

The U.S. Securities and Exchange Commission has hit pause on two high-profile Solana ETF proposals, pushing its decision deadline to October 16. The delay affects the Bitwise Solana ETF and the 21Shares Core Solana ETF, both of which have been closely watched as potential milestones for broader Solana adoption in traditional markets. 

While the move isn’t surprising — the SEC routinely extends review periods for crypto-related ETFs — it comes at a time when more firms are racing to secure approval for digital asset products. This latest postponement underscores the careful, and often slow, regulatory approach toward integrating cryptocurrencies into mainstream investment vehicles.

Solana ETF News: What Happened?

The U.S. Securities and Exchange Commission has postponed its decision on two proposed Solana exchange-traded funds (ETFs). In filings made Thursday, the agency stated that the next deadline for ruling on the Bitwise Solana ETF and the 21Shares Core Solana ETF is now October 16.

According to the SEC, extending the review period gives it more time to evaluate the proposals and address any issues raised. This approach mirrors the agency’s standard handling of crypto-related ETF applications, which often see multiple deadline extensions before a final decision.

A Pattern of Delays in Crypto ETF Approvals

The SEC’s latest move is consistent with its long-standing pattern of delaying rulings on cryptocurrency ETFs. Other Solana ETF applications, including those from Grayscale and Fidelity, have also been pushed back. Such delays are routine, especially as the SEC processes a growing number of filings for digital asset products.

In recent months, the regulator has seen a surge in ETF proposals — not just for Solana, but for a range of tokens including XRP and Dogecoin. This wave of applications has come amid a more crypto-friendly presidential administration, which has encouraged asset managers to advance new digital asset products.

Solana ETF News: Who’s in the Race for a Solana ETF?

The race to launch a Solana ETF includes several well-known players. Bitwise, 21Shares, ProShares, Grayscale, and Canary are among the firms awaiting the SEC’s approval. These companies have recently amended their applications in hopes of meeting the SEC’s requirements.

Interestingly, the world’s largest asset manager, BlackRock — which already manages spot Bitcoin and Ethereum ETFs — has confirmed it has no plans to launch a Solana ETF at this time.

SEC’s Evolving Stance on Crypto ETFs

While delays are common, the SEC’s overall posture toward crypto ETFs has shifted over the past year. In July, the agency approved orders allowing in-kind creations and redemptions for crypto ETFs. It also opened the door to applications for spot Bitcoin and Ethereum ETFs, as well as options on certain spot Bitcoin exchange-traded products.

These changes indicate a more accommodating environment for crypto ETF structures, even if individual product approvals still face extended timelines.

What’s Next for Solana ETF Proposals?

The October 16 deadline is the next key date for Bitwise and 21Shares. The SEC could either approve, deny, or extend the decision once again — which it has the authority to do. Given the agency’s historical pace, another delay is possible.

For now, the focus remains on whether these Solana products can join the growing list of approved crypto ETFs and how quickly the SEC is willing to expand the range of digital assets available in regulated investment vehicles.

$SOL, $Solana