SEC May Approve Spot Solana ETF Within Weeks: Sources

The U.S. Securities and Exchange Commission (SEC) could approve a spot Solana (SOL) exchange-traded fund (ETF) within the next few months, according to multiple sources cited by Blockworks.

Prospective issuers have reportedly been asked to submit amended S-1 registration statements by next week. One source indicated that approval could arrive in as little as three to five weeks.

Two sources said the SEC plans to provide feedback on the updated filings within 30 days. The amendments focus on how issuers will handle in-kind redemptions and whether staking will be integrated into the ETF. Notably, the SEC is said to be open to permitting staking as part of these products.

James Seyffart, an analyst at Bloomberg Intelligence, suggested that an approval could come as early as July. However, the SEC’s final deadline, based on its 240-day review period, stretches into October. Seyffart added that the agency may now be accelerating review of 19b-4 filings for Solana and staking-related ETFs.

A growing list of asset managers are positioning to launch Solana ETFs, including VanEck, Bitwise, Fidelity, Grayscale, Franklin Templeton, Canary Capital, and 21Shares. Grayscale, in particular, is looking to convert its existing Solana Trust into a spot ETF, mirroring its earlier Bitcoin and Ethereum products. The SEC formally acknowledged Grayscale’s proposal in February, a notable development given its prior stance on similar filings.

Though the SEC delayed a decision on Grayscale’s application in May, it emphasized that no final determination had been made—a procedural move seen by many as a positive signal.

Momentum behind Solana ETFs has grown since CME launched SOL futures in February, a move that preceded similar futures-based ETFs. Volatility Shares has already introduced two SOL futures ETFs.