The SEC has postponed its decision on the proposed Solana (ETF) exchange-traded fund, as the cryptocurrency industry now looks to the deadlines for Polkadot and XRP-based exchange-traded funds in June.
The SEC has postponed its decision regarding the Grayscale Solana (SOL) Trust ETF listing on the New York Stock Exchange (NYSE) to October 2025, according to a filing submitted by the Securities and Exchange Commission on May 13.
The decision came a week after the SEC postponed its ruling on the Canary Capital Litecoin (LTC) fund, according to analyst James Seyfert from Bloomberg Intelligence in a post dated May 5.
Spot exchange-traded funds are considered key drivers for liquidity and institutional adoption of digital assets. For Bitcoin (BTC), U.S. spot Bitcoin exchange-traded funds accounted for an estimated 75% of new investments after their launch, helping Bitcoin regain the $50,000 level in February 2024, a month after it began trading.
While the Solana ETF may not generate much of the inflows seen in Bitcoin ETFs, it could enhance institutional adoption of Solana in the long run by providing a 'regulated investment vehicle' for investors that may attract billions of dollars in capital, said Ryan Li, senior analyst at Bitget Research, to Cointelegraph.
Despite the recent delays by the SEC, the majority of investors are optimistic about the approval of the SOL ETF before the end of 2025.
Investors expect an 82% chance of approval for the SOL ETF and an 80% chance for the Litecoin ETF before the end of the year, according to data from Polymarket, the largest decentralized betting platform.
Polkadot, XRP, and DOGE exchange-traded funds are awaiting a decision from the SEC in June.
Many other cryptocurrency ETF applications are approaching the deadline set by the SEC in June.
The U.S. SEC will make its decision on the Grayscale Polkadot (DOT) fund by June 11, and on the 21Shares Polkadot fund on June 24, according to court filings from the SEC.
The U.S. Securities and Exchange Commission is set to make a decision on June 17 regarding the Franklin Templeton XRP (XRP) exchange-traded fund and the Bitwise Dogecoin (DOGE) exchange-traded fund, according to official filings.
However, these decisions may also be delayed. The SEC typically makes full use of the 240-day review period when evaluating cryptocurrency-related financial products, as evidenced by its handling of Bitcoin and Ethereum (ETH) spot ETF applications in 2023 and 2024.
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