The U.S. Securities and Exchange Commission (SEC) has delayed its decision on a proposed spot Solana exchange-traded fund (ETF), drawing attention to upcoming rulings on Polkadot and XRP-based ETFs expected in June.
According to a filing dated May 13, the SEC has extended the review period for Grayscale’s spot Solana Trust ETF, pushing the potential decision date to October 2025. The ETF is set to be listed on the New York Stock Exchange (NYSE), pending regulatory approval.
This delay comes shortly after the SEC postponed its verdict on Canary Capital’s proposed Litecoin ETF, as noted by Bloomberg Intelligence’s James Seyffart in a May 5 post on X.
Spot ETFs are considered crucial for boosting liquidity and attracting institutional capital to the crypto market. Following the U.S. launch of spot Bitcoin ETFs, the sector saw a notable influx of capital—estimated at around 75% of new investments—helping Bitcoin climb back to $50,000 in early 2024.
Although a Solana ETF might not draw the same level of investment as Bitcoin, it could still mark a significant step toward institutional acceptance by offering a compliant and accessible option for large investors, Bitget Research’s chief analyst Ryan Lee explained.
Despite the SEC’s most recent postponement, market sentiment remains positive, with many anticipating that a Solana ETF could be approved before the close of 2025. According to Polymarket, a decentralized prediction market, traders currently place the odds of a SOL ETF approval this year at 82%, and an 80% chance for the Litecoin ETF.
Polkadot, XRP, and Dogecoin ETFs Await SEC Rulings
Several other crypto ETF proposals are nearing critical decision points. The SEC is expected to rule on Grayscale’s Polkadot ETF by June 11, followed by a separate decision on 21Shares’ Polkadot ETF on June 24.
Additionally, the Commission is scheduled to deliver decisions on two other highly anticipated applications on June 17—Franklin Templeton’s spot XRP ETF and Bitwise’s spot Dogecoin ETF.
However, delays are possible. The SEC frequently uses the full 240-day window allowed under federal law to evaluate crypto-related ETFs, as demonstrated by the prolonged timelines seen in Bitcoin and Ethereum ETF applications throughout 2023 and 2024.
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