Solana ETF Approvals Possible by July 2025: Report

According to a June 10 report by Blockworks, the U.S. Securities and Exchange Commission (SEC) may approve spot Solana ETFs as early as July 2025. While no formal green light has been issued, the regulator has reportedly asked asset managers to revise their S1 registration statements. 

Notably, the request suggests the agency is not shelving the filings but is instead engaging with issuers such as VanEck, Grayscale, Bitwise, Fidelity, 21Shares, Franklin Templeton, and Canary Capital. Some, like Grayscale, aim to convert existing Solana products into ETFs, following a playbook similar to their prior Bitcoin and Ethereum strategies.

SEC Review Could Begin by July

In recent weeks, the SEC has delayed decisions on filings from asset managers Grayscale, Bitwise, and 21Shares. Each delay was framed as procedural, with the agency emphasizing that no conclusions had been reached. Combined with its request for revised filings, these actions suggest the SEC is engaging more deeply with the applications rather than dismissing them outright.

While the SEC has not approved any spot ETFs tied to altcoins like Solana or XRP, its green light for Bitcoin and Ether spot ETFs last year has fueled speculation that similar products could follow. This has led to growing anticipation around the approval of altcoin-based ETFs.

Bloomberg analyst Eric Balchunas estimates that Solana ETFs might receive approval within the next two to four months. Fellow analyst James Seyffart added that the SEC could begin addressing 19b-4 filings for Solana and staking ETFs earlier than expected, possibly as soon as July. Still, some decision deadlines on these applications extend into October.

Despite the momentum, Balchunas doubted that these products would attract significant capital in the near term, suggesting that Solana and XRP ETFs might struggle to reach $1 billion in assets. This reflects a cautious outlook on their potential market impact.

Market Reaction

Following reports about the potential timeline, Solana’s price rose nearly 6%, climbing from around $158 to $167. Stocks tied to Solana also reacted positively. DeFi Development Corp. jumped 17% to $27, while SOL Strategies rose 8.4%, based on Nasdaq figures from June 10.