Solana ETF Approval Next Month? SEC Asks Issuers to File S-1s by Mid-June

The US SEC has requested spot Solana ETF (exchange-traded fund) issuers to update their S-1 filings by June, Blockworks reported, quoting unnamed sources.

Notably, the SEC has asked prospective issuers to clarify procedures for in-kind redemption. The regulator is reportedly open to allowing staking as part of these products.

Additionally, the sources noted that the agency will provide comments on the updated filings within 30 days of their submission.

Solana ETF Has 90% Odds of Approval

Although it is still unclear when spot Solana ETFs will be approved, Bloomberg senior ETF analyst James Seyffart believes that it would “more likely” be in early Q4, 2025.

“Delays on spot crypto ETFs are expected,” he wrote on X. “If we’re gonna see early approvals from the SEC on any of these assets — I wouldn’t expect to see them until late June or early July at absolute earliest.”

Delays on spot crypto ETFs are expected. A bunch of XRP ETPs have dates in next few days.

If we're gonna see early approvals from the SEC on any of these assets — i wouldn't expect to see them until late June or early July at absolute earliest. More likely to be in early 4Q.

— James Seyffart (@JSeyff) May 20, 2025

Analyst Seyffart also predicted that the odds of altcoin ETF approvals in 2025 are 90% for Solana and Litecoin. While XRP closely follows at 85%, other altcoins, including Dogecoin and HBAR, have an 80% chance of approval this year.

Companies that have filed S-1s include Grayscale, VanEck, 21Shares, Canary Capital, Bitwise, Franklin Templeton and Fidelity.

Interestingly, Seyffart believes the SEC views these altcoins as commodities, a positive outlook for their approval prospects compared to securities.

SOL Closely Follows Bitcoin and Ethereum ETF Plans

Grayscale is planning to follow the blueprint it used for its Bitcoin and Ethereum products, aiming to convert its existing SOL Trust into a spot ETF.

In February, the SEC formally acknowledged Grayscale’s spot Solana ETF proposal. However, in May, the agency delayed its decision, stating that it hadn’t reached any conclusions.

Last month, the SEC pushed back its decision on the SOL ETF proposals from Bitwise and 21Shares. The agency noted it needs added time to sort through technical details, legal questions, and investor-protection issues.

Meanwhile, Brazil’s regulator gave the green light for the first-ever spot Solana ETF in August 2024. Later, the country also approved a second Solana spot ETF offered by the asset manager Hashdex.