On June 11, 2025, the U.S. Securities and Exchange Commission (SEC) made a significant shift in its regulatory stance in the field of cryptocurrency exchange-traded funds (ETFs). According to multiple sources, the SEC has requested several potential Solana spot ETF issuers to expedite the submission of revised S-1 application documents and has officially launched the review process for the Bitwise Bitcoin and Ethereum mixed ETF.
1. Solana Spot ETF: Acceleration of Approval and Breakthrough in Staking Mechanism
As a representative of high-performance public chains, Solana occupies an important position in decentralized finance (DeFi) and non-fungible tokens (NFTs) due to its low transaction costs and high processing speeds. Therefore, the approval process for its spot ETF has attracted significant market attention.
According to Blockworks, the SEC has notified several asset management companies, including Grayscale, VanEck, and Bitwise, to submit updated S-1 documents within a week. The review focuses on the language pertaining to the physical redemption mechanism and the specific design of the staking plan.
It is noteworthy that the SEC's open attitude towards incorporating staking returns into the ETF structure is interpreted by the market as a significant concession from the regulatory body. If this mechanism is realized, ETF holders will not only gain price exposure to SOL tokens but will also share in the earnings generated from network validation, greatly enhancing the product's appeal.
Based on the current pace of approvals, the Solana ETF is expected to be approved within the next three to five weeks, potentially launching in mid-July. If this prediction holds true, Solana will become the third cryptocurrency after Bitcoin and Ethereum to receive approval for a spot ETF in the U.S. Bloomberg's senior ETF analyst Eric Balchunas is optimistic, raising the probability of Solana ETF approval within 2025 to 90%.
JPMorgan's analysis report predicts that after the approval of the Solana ETF, net inflows in the first year could reach between $3 billion and $6 billion. Such a scale of capital injection would significantly enhance Solana's asset liquidity and market depth.
2. Bitwise Mixed ETF: A New Paradigm of Diversification and Risk Diversification
While advancing the single asset ETF, the SEC officially launched the review of Bitwise's Bitcoin and Ethereum mixed ETF listing application on June 10. This product is planned to be listed on the NYSE Arca, with its core feature being the dynamic allocation of Bitcoin and Ethereum as two core crypto assets.
According to its design, the asset weighting of this ETF will be dynamically adjusted based on the relative market value of the two assets, with the current initial configuration being approximately 83% Bitcoin and 17% Ethereum. Coinbase Custody Trust Company will serve as its crypto asset custodian to ensure the security of the underlying assets. Its daily net asset value (NAV) will reference the official pricing benchmark from CME CF, and authorized participants (APs) can conduct large-scale subscriptions and redemptions in cash.
This mixed ETF offers investors a balanced and convenient investment tool for crypto assets. Compared to single asset ETFs, it inherently possesses the advantage of risk diversification, making it particularly suitable for institutional investors who wish to capture the overall performance of the crypto market while reducing the volatility risk of a single asset through a single trading tool.
The SEC's review process will be based on Section 6(b)(5) of the Securities Exchange Act, focusing on whether its listing rules can effectively prevent fraud and market manipulation while adequately protecting investors' interests. Although the final approval timeline remains uncertain, the market generally believes that under the pro-crypto policy orientation of the Trump administration and the potential influence of the newly nominated SEC chairman Paul Atkins, the approval process is likely to accelerate.
3. The Evolution of the Regulatory Environment and Market Outlook
The progress of the Solana and Bitwise mixed ETFs clearly reflects the structural changes in the U.S. crypto regulatory environment. Following the approval of Bitcoin and Ethereum spot ETFs, there is unprecedented interest in launching more crypto ETF products in the asset management industry. Positive signals from the political level, especially the Trump administration's commitment to 'make the U.S. a global crypto hub,' have created favorable conditions for further regulatory relaxation.
However, challenges remain. The securities nature of Solana has not yet been fully clarified. Although the SEC's stance has softened in some recent lawsuits, its attitude in other cases may still pose obstacles.
The introduction of the staking mechanism may bring new compliance complexities, as issuers must provide detailed and compliant solutions in the S-1 filing. For the Bitwise mixed ETF, ensuring transparency and execution efficiency in its dynamic asset allocation process will also be key points in the SEC's review.
Final Thoughts
The SEC's latest actions regarding Solana and mixed crypto ETFs mark a move towards a more diverse and mature stage in the U.S. cryptocurrency investment market. The potential approval of the Solana ETF will further confirm its status as a mainstream investment product. Meanwhile, the advancement of the Bitwise mixed ETF provides the market with innovative options beyond single asset investments.
In this rapidly evolving environment, investors need to closely monitor the final regulatory decisions and remain cautious about short-term market fluctuations. A more open and diversified crypto ETF market seems to be within reach.
