SEC could approve Solana ETF within 5 weeks, sources say

• SEC mulls approval of Solana ETF in July
• Solana ETF Proposals Include Staking Participation
• Large asset managers compete to launch Solana ETF

The U.S. Securities and Exchange Commission (SEC) has reportedly requested that issuers of Solana-based exchange-traded funds (ETFs) file updated versions of their S-1 filings within a week, sources with knowledge of the discussions revealed Monday.

According to the same sources, the regulatory body intends to provide feedback on the registrations within 30 days of submission. The guidelines include clarifications on the cash redemption process and the possibility of funds using Solana staking as part of their operating structure.

Two sources said the SEC was open to accepting limited participation in staking, as long as it was properly described in the documents. One of the participants consulted estimated that, if the filings are submitted this week, the decision could be made within five weeks.

In previous analyses, Bloomberg experts James Seyffart and Eric Balchunas projected that ETFs tied to altcoins like Solana could receive approval only as early as October. However, Balchunas published a more recent note suggesting that broad-based index ETFs with exposure to cryptocurrencies could get the green light as early as next month.

Conversations around the nuances of staking solana in ETFs are getting underway between SEC and hopeful Solana ETF issuers 👀 https://t.co/ULe881UjYN

—James Seyffart (@JSeyff) June 10, 2025

The potential acceleration in the process was attributed in part to REX Shares filings for Ethereum and Solana ETFs that include staking options. These filings used the “C-Corp” format, which has shorter review times with the SEC.

In the market, giants such as Fidelity, VanEck, Franklin Templeton, Grayscale, Bitwise, 21Shares and Canary Capital are competing to be the first to list their Solana-based products. Grayscale is looking to convert its current fund into an ETF, while others are awaiting a decision after successive postponements.

On June 6, VanEck, Canary and 21Shares sent a letter to the SEC asking for the restoration of the registration date priority order. The asset managers argue that simultaneous approvals hurt those who bear the initial structuring and compliance costs, especially for products linked to Solana.