SEC has delayed the Solana ETF and opened a new public comment period for further review and feedback.
Fidelity must revise its ETF filing to include new language on staking and redemption as per SEC guidelines.
A second SEC document in progress may reduce ETF approval times from 200 days to nearly 75 days.
The U.S. Securities and Exchange Commission (SEC) has delayed the Fidelity Solana ETF proposal once more. The filing, submitted through Cboe BZX Exchange, aimed to list and trade the Fidelity Solana Fund. The delay was confirmed on July 7, 2025.
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The agency has now moved the application into a public comment phase. It invited comments for 21 days and rebuttals within 35 days. The review timeline will start once published in the Federal Register.
Regulatory Review Focuses on Structure and Investor Protection
The SEC has asked for detailed feedback on the fund’s design, market integrity, and investor safeguards. This delay had been widely expected by analysts watching altcoin ETF developments.
The agency continues to hold off on approving ETFs tied to altcoins like Solana. Analysts say the lack of clarity in the current framework has led to these delays. Even with rising interest in altcoin products, the SEC remains cautious.
In June, the SEC issued its first formal guidance for crypto-linked exchange-traded products. This marked a shift in how it evaluates filings like the Solana ETF. The guidance emphasized transparency in risks, custody arrangements, and the unique aspects of digital asset funds.
Asset Managers Must Provide Clear and Simple Filings
The new guidance requires all filings to be written in plain language. The SEC wants both investors and regulators to fully understand the nature of these funds. The Solana ETF must now be revised to meet the updated language requirements.
In particular, it must address issues such as in-kind redemption and staking mechanisms. The SEC instructed issuers to submit these changes by the end of July. These steps reflect the agency’s push for clarity in digital asset filings.
New Proposal May Cut Approval Timelines Significantly
The SEC is also working on a second regulatory document. This draft could reduce approval times from over 200 days to around 75 days. If adopted, the change may benefit future ETF applicants in the altcoin category.
Although the SEC has not approved any Solana ETF so far, internal sources hint at movement before the October 10 deadline. There is speculation that a ruling may come earlier than expected.
Firms Explore Indirect Exposure as Delays Continue
Due to prolonged delays, firms are using other routes to meet investor demand. REX Financial and Osprey Funds recently launched the REX-Osprey Sol + Staking ETF. This product offers indirect exposure to Solana assets and staking rewards.
It does not hold Solana directly but tracks its economic profile using structured investments. Despite lacking SEC approval, the fund addresses growing interest in Solana-linked investment tools. More altcoin ETF filings, including those tied to XRP and meme tokens, remain under review.
