Spot Solana ETF Poised To Come ‘Way Ahead’ Of Schedule
The US Securities and Exchange Commission has told would-be Solana ETF sponsors to file fully amended registration statements by the end of this month, a demand that compresses a review timetable currently set to run until 10 October, the first statutory deadline for the applications.
People involved in the dialogue say the Commission’s trading-and-markets division has signalled it has no intention of waiting that long. “I think that the SEC has some pressure to approve these quicker than waiting all the way to October, especially with that Rex Shares product that got approved last week,” one person familiar with the talks told CoinDesk.
Solana Poised To Become 3rd Spot Crypto ETF
The “pressure” originates with the REX-Osprey SOL + Staking ETF (ticker SSK). Organised under the Investment Company Act of 1940, SSK became effective automatically in the absence of an SEC objection and began trading on 2 July, gathering about $12 million on its first day. Its stealth debut gives it a first-mover advantage the agency has previously tried to neutralise by approving competing crypto funds simultaneously, as it did for spot bitcoin and ether ETFs.
Meanwhile, the SEC is redrawing its broader rulebook for digital-asset ETPs. A 12-page guidance document issued last week outlines disclosure expectations for custody, staking rewards and market-manipulation safeguards; staff are now drafting a universal template meant to replace the bespoke Form 19b-4 waivers that have governed every prior spot-crypto ETF listing. “The SEC is looking for a general rule it can apply to all listings, and currently is going back and forth on precise wording with the exchanges,” a senior executive involved in those talks said, adding that the template could cut approval windows to roughly seventy-five days.
Analysts on X read the accelerating correspondence as constructive. “MORE delays. Fidelity’s Solana ETF filing was just delayed as expected. We’re still waiting for some sort of movement from the SEC on a generalized digital asset ETP framework,” Bloomberg Intelligence’s James Seyffart wrote after one such procedural hold. Nate Geraci, president of ETF Store, echoed that view, noting that Reuters had confirmed the framework effort and cautioning that some issuers do not expect actual approvals “until early fall.”
Even if the template is not finalised before September, lawyers stress nothing prevents the Commission from clearing a Solana fund under existing rules in August. In parallel with the paperwork revisions, staff are assessing whether Solana’s market is “sufficiently resistant to manipulation” and whether the CME’s SOL futures provide an adequate surveillance substitute—tests Bitcoin and Ether passed in 2024 and 2025, respectively.
Six issuers—VanEck, Fidelity, 21Shares, Ark/21Co, Bitwise and Hashdex—have spot Solana proposals on file. An approval ahead of 10 October would make Solana only the third crypto asset with a US spot ETF and could set a precedent for pending XRP, Litecoin and Dogecoin filings.
Market-makers are already bracing for a condensed launch calendar. If the agency signs off in late August, it can be expected that the products will list within days of each other; after the bitcoin experience, speed to market meant everything. Whether that starting gun fires weeks—or months—ahead of schedule now hinges on how quickly the SEC reconciles the twin pressures of policy consistency and competitive fairness in the wake of SSK’s surprise head start.
At press time, SOL traded at $148.93.
Featured image created with DALL.E, chart from TradingView.com
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