The US Securities and Exchange Commission (SEC) has extended its review period for three proposed US-listed Solana exchange-traded funds (ETFs), creating fresh uncertainty for investors awaiting a decision.
In separate filings on 14 August 2025, the regulator said it needs more time to consider proposed rule changes from Bitwise, 21Shares, and Canary Capital.
The move pushes the deadline for a final verdict to 16 October 2025, the last allowable extension under the current review cycle.
By that date, the SEC must either approve or reject the applications, which track the performance of the Solana blockchain’s native token.
Three issuers face extended review period
The SEC’s identical filings on 14 August outlined that each issuer’s application would undergo a 60-day extension. The regulator said the decision to designate a longer review period would ensure it has enough time to evaluate the proposals.
The latest delay mirrors previous extensions for other altcoin-based ETFs, including those linked to XRP in recent months.
Bitwise, 21Shares, and Canary Capital are each seeking to launch a spot Solana ETF in the US. These funds would provide investors direct exposure to the price of Solana without having to purchase or hold the cryptocurrency itself.
Approval would mark the first time such a product becomes available to US investors.
Industry outlook remains optimistic despite delay
Market analysts continue to predict a high probability of approval before the new October deadline.
Bloomberg ETF analysts James Seyffart and Eric Balchunas, who in June estimated a 90% approval chance, later increased that figure to 95%.
Seyffart has said the latest delay does not change the outlook, with further pushbacks now considered unlikely.
NEW: Two delay orders on @BitwiseInvest & @21Shares‘ Solana ETF Filings. Suspect we wont see too many more of these
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Recent amendments to filings and heightened engagement between the SEC and ETF applicants have signalled active discussions, which some industry observers view as a positive step towards eventual approval.
Other asset managers join the race
Alongside Bitwise, 21Shares, and Canary Capital, several other asset managers are competing to launch their own Solana ETFs. These include VanEck, Grayscale, CoinShares, Franklin Templeton, and Fidelity.
The SEC also recently acknowledged a filing from Invesco Galaxy, adding it to the growing list of potential issuers.
The increasing number of applications underscores the growing institutional interest in Solana-based investment products.
Approval could pave the way for wider adoption of altcoin ETFs in the US, following the precedent set by bitcoin and ether ETFs.
Final decision set for October 2025
The SEC’s use of its full extension period means 16 October 2025 is now the definitive deadline for the current proposals.
A decision in favour of approval could result in launches before year-end, while a rejection would force issuers to reassess their strategies in the US market.
Until then, market participants will closely watch for any updates or amendments to the filings, as well as further indications from the regulator on its stance towards altcoin ETFs.
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