The U.S. Securities and Exchange Commission (SEC) has officially delayed its decision on four high-profile Solana exchange-traded fund (ETF) proposals, extending the review period to allow for further scrutiny and public input. The affected filings include those from Bitwise, 21Shares, VanEck, and Canary, all of which seek to launch spot Solana ETFs in the United States.
According to a regulatory filing published on May 19, the SEC announced that it would “institute proceedings” to determine whether the proposed ETFs meet the criteria laid out in the Securities Exchange Act. While this move doesn’t indicate a rejection, it does signal that the agency needs more time to evaluate key issues, including fraud prevention, investor protection, and market manipulation safeguards.
One of the most closely watched proposals is the Bitwise Solana ETF, first submitted in January via the Cboe BZX Exchange. Bitwise aims to offer direct exposure to SOL, tracking prices using the CME CF Solana-Dollar Reference Rate. 21Shares, already known for its Bitcoin and Ethereum ETF offerings, is also seeking approval for a Solana-based product as part of its expanding crypto ETF portfolio.
So far, the SEC has approved only Bitcoin and Ethereum spot ETFs, remaining hesitant to greenlight similar products for altcoins. Despite growing institutional demand, no Solana-linked ETFs have been approved in the U.S. yet. The delay highlights the agency’s ongoing cautious stance toward broader cryptocurrency adoption in regulated investment vehicles.
Analysts remain optimistic, however. Bloomberg ETF experts James Seyffart and Eric Balchunas project a 90% chance of Solana and Litecoin ETF approvals by the end of 2025, citing favorable market trends and increasing investor interest. But until then, market participants must wait, as the SEC’s decision process stretches further into the year.
Stay tuned to TheCoinInfo for the latest updates on ETF approvals and crypto regulation.
