The US Securities and Exchange Commission has reportedly asked asset managers to update their S-1 filings for proposed Solana ETFs, sparking hope that approval could come sooner than expected.
This latest development, following the green light for spot Bitcoin and Ethereum ETFs, signals the SEC’s evolving approach to altcoin-based products.
While no approval has yet been granted, analysts suggest Solana could be next. If true, this would mark a pivotal moment for crypto investment and potentially open the door for wider mainstream exposure to Solana.
The SEC’s Engagement Hints at Faster Progress for Solana
According to reports from Blockworks, the SEC has instructed several major asset managers to revise their S-1 filings for proposed spot Solana ETFs by mid-June.
These revisions are not merely formalities. The regulator has specifically asked issuers to clarify in-kind redemption procedures and outline how staking would be handled within these investment products.
What stands out is the agency’s apparent openness to allowing staking, a feature intrinsic to how Solana operates. This could pave the way for ETFs that reflect the full value of holding SOL, including yield from staking.
Following the submission of these revised filings, the SEC is expected to return comments within 30 days. This timeline implies that approval could realistically be on the table by late June or early July.
Analysts like James Seyffart from Bloomberg estimate that Solana has a 90% chance of receiving approval this year, on par with Litecoin and slightly ahead of XRP.
Seyffart and his colleague Eric Balchunas suggest that October may see a wave of altcoin ETF approvals, with some, like Solana, potentially arriving even earlier.
Grayscale, Bitwise, VanEck, 21Shares, Canary Capital, Franklin Templeton, and Fidelity are among the firms that have filed applications.
Grayscale’s strategy involves converting its existing SOL Trust into a spot ETF, mirroring the path it took with its Bitcoin and Ethereum funds.
While the SEC delayed decisions in May on several of these applications, including Grayscale’s, those delays appear procedural rather than indicative of rejection.
Analysts and Markets are Preparing for the Next Phase
The speculation around ETF approval has already begun to affect market sentiment. SOL’s price rose 4% within hours of the report that the SEC had requested filing updates. The token now trades around $165, reflecting renewed investor interest.
The impact has also rippled through affiliated firms. For example, shares of DeFi Development Corp. surged 17%, and SOL Strategies rose over 8% according to recent Nasdaq data.
This optimism stems from a broader trend. The SEC’s January 2024 approval of spot Bitcoin ETFs and May 2025 approval of Ethereum ETFs demonstrated a shift in regulatory posture. Those decisions legitimised crypto in the eyes of many institutional investors.
Now, with spot ETF applications for Solana and others in the queue, there’s mounting anticipation that the regulator may finally be ready to extend this treatment to other leading digital assets.
Balchunas notes that Solana already has a futures-based ETF, a factor that may ease the transition to a spot-based product.
He projects that Solana ETFs could attract up to $1 billion in assets under management, a modest but meaningful figure for a token outside the Bitcoin and Ethereum duopoly.
Such funds wouldn’t rival BTC or ETH in scale but could broaden crypto ETF offerings significantly.
It’s also worth noting that Brazil has already approved two spot Solana ETFs, one from Hashdex and another approved in August 2024.
These international moves add pressure on the US to remain competitive in crypto financial products. If the SEC does give the green light, it would solidify Solana’s position as a top-tier digital asset in the eyes of global investors.
Conclusion
While nothing is guaranteed, the SEC’s recent actions suggest Solana ETFs could become a reality within weeks. With asset managers now revising their proposals and the regulator expected to respond promptly, the market is watching closely.
Approval would not only be a milestone for Solana but also a signal of the SEC’s growing willingness to accommodate diverse crypto assets.
If Solana follows Bitcoin and Ethereum down the ETF path, the landscape for crypto investment could shift once again, this time, more inclusively.