According to a source from Blockworks, the U.S. Securities and Exchange Commission (SEC) has requested organizations submitting proposals to establish the Solana ETF to update their S-1 filings next week.
The information that needs to be adjusted includes the terms for converting shares in the ETF into real assets, which in this case is SOL, along with the ability to use SOL within the fund for staking, a source from Blockworks confirmed.
The SEC will subsequently issue the committee's official comments on these ETF proposals within the next 30 days.
A source claims that the SEC's recent move is a signal suggesting that the U.S. Securities and Exchange Commission may approve the Solana ETF in about 3-5 weeks.
Bloomberg's ETF analyst, James Seyffart, even stated that the SEC could approve the SOL ETF this July. In a recent analysis to investors, he wrote:
"We believe the SEC will now begin to consider the 19b-4 filings for Solana and staking ETFs sooner than expected. Issuers and other organizations in the industry have likely been working with the committee and the crypto task force throughout this time to clarify regulations, but the SEC's final deadline for these proposals is not until October."
Currently, the Solana ETF is being proposed by several major asset management firms on Wall Street, including Fidelity, Bitwise, VanEck, 21Shares, Canary, Grayscale, CoinShares, REX-Osprey, but no filings have yet been agreed upon or commented on by the SEC.
In April, Bloomberg analysts also raised the forecast probability of the Solana ETF being approved this year from 70% to 90%, on par with Litecoin. Following that are the XRP ETF with an 85% probability; Dogecoin and HBAR at 80%; Cardano, Polkadot, and Avalanche at 75%; Sui at 60%.
Forecast approval rates for altcoin ETF proposals being submitted to the SEC. Source: Bloomberg (06/11/2025)
The cryptocurrency market has recently witnessed various institutions announcing plans to establish private investment funds to acquire Solana, notably including DeFi Development Corp ($1 billion), SOL Strategies ($1 billion), Classover ($500 million).
The price of SOL is currently in the process of recovering after a correction at the beginning of June.
Price fluctuations of SOL in the last month, screenshot from CoinGecko at 08:25 AM on 06/11/2025
The U.S. Securities and Exchange Commission, under the new administration and the direction of new Chairman Paul Atkins, is continuously taking steps to dismantle legal barriers for the cryptocurrency industry, from ending crypto lawsuits, proposing exemptions for DeFi projects, to confirming that memecoins, Proof-of-Work coins, stablecoins, and the staking mechanism of Proof-of-Stake do not violate securities laws.
