SEC Delays Solana ETF Decision, Polkadot & XRP ETFs Next Up

The U.S. Securities and Exchange Commission (SEC) has hit pause on Grayscale’s much-anticipated spot Solana ETF, pushing its decision timeline closer to October 2025. In a filing dated May 13, the regulator said it’s still reviewing the application and hasn’t made a final call yet.

That’s not entirely unexpected. The SEC typically takes the full 240-day window it’s allowed after formally acknowledging a 19b-4 filing , and this one’s no different.

Grayscale is hoping to list its Solana Trust ETF on the New York Stock Exchange. If approved, it would be one of the first regulated Solana investment vehicles in the U.S. — a big step that could draw institutional interest to the network. 

Analysts say it won’t move markets quite like the Bitcoin ETFs did earlier this year, but it still has the potential to pull in billions over time.

Spot ETFs are basically the doorway for big investors to get into crypto the legit way. When Bitcoin ETFs dropped in Jan 2024, money flowed in fast, and by Feb, Bitcoin was already back above $50K. It changed the game.

The delay for Solana isn’t happening in isolation either. Just last week, the SEC also pushed back its decision on Canary Capital’s Litecoin ETF . The wait-and-watch game continues — but there’s more to come.

June Will Be Big for Crypto ETFs

While Solana fans may need to be patient, there’s plenty of ETF action on the horizon. The SEC is gearing up for a busy June, with decisions due on several other crypto-based spot ETFs.

Grayscale’s Polkadot ETF is on the clock first, with a decision deadline of June 11. Another Polkadot ETF application , this one by 21Shares, is set for review on June 24.

June 17 is shaping up to be even more interesting. That’s when the SEC is expected to decide on two high-profile filings: Franklin Templeton’s spot XRP ETF and Bitwise’s spot Dogecoin ETF. Both filings have drawn attention due to the assets’ popularity and the growing push to expand ETF offerings beyond just Bitcoin and Ethereum.

Investor Sentiment Remains Optimistic

Despite the latest delay, sentiment in the market remains upbeat. Many analysts — and investors — believe a Solana ETF will be approved before the end of 2025.

Ryan Lee, Chief Analyst at Bitget Research, said that a Solana ETF, even if smaller in scale than its Bitcoin counterpart, could still be a powerful vehicle for institutional adoption. By providing a regulated entry point into SOL, it could pave the way for significant long-term inflows.

So while there’s no green light just yet, the gears are turning. The SEC may be taking its time, but with several deadlines approaching fast, June could be a major month for crypto ETF watchers.