SEC Deadline for Solana ETF Decision Set for October 2025


TLDR

  • Multiple asset managers including Grayscale, Bitwise, Canary, 21Shares, and VanEck have filed applications for spot Solana ETFs, with the SEC’s deadline extending to October 16, 2025
  • Bloomberg analyst Eric Balchunas estimates a 70% chance of Solana ETF approval in 2025, following the successful launches of Bitcoin and Ethereum ETFs under the Trump administration
  • Coinbase’s derivatives exchange launched Solana futures contracts this week, potentially strengthening the case for ETF approval by providing a regulated market
  • Pantera Capital expects a Solana ETF approval by March 2025, citing growing DeFi presence and strong developer activity as supporting factors
  • Solana’s DEX Raydium has outperformed Ethereum’s Uniswap in trading volume for two consecutive months, showing increased market activity

The Securities and Exchange Commission (SEC) has begun reviewing applications for spot Solana exchange-traded funds (ETFs), marking a potential expansion of cryptocurrency investment products in the United States. The regulatory body has set an October 16, 2025 deadline for its decision on these applications.

Five major asset management firms have submitted applications for spot Solana ETFs. These companies include Grayscale, Bitwise, Canary, 21Shares, and VanEck, each hoping to create investment products that track the price of Solana.

The move follows the successful launches of spot Bitcoin and Ethereum ETFs, which were approved last year under the Trump administration. These earlier approvals led to billions of dollars in institutional investment flowing into the top two cryptocurrencies.

Bloomberg Senior ETF Analyst Eric Balchunas has given the Solana ETF applications a 70% chance of approval this year. “Right now, the only thing that’s happened is they didn’t get a phone call telling them to go away,” Balchunas told Decrypt.

The review process could show progress through several key indicators. These include the SEC providing feedback on proposed rule changes, direct meetings between asset managers and the SEC about Solana ETFs, and potential developments in ongoing enforcement actions.

Coinbase’s derivatives exchange recently launched Solana futures contracts, which are regulated by the U.S. Commodity Futures Trading Commission. This development might strengthen the case for ETF approval by providing a regulated market for the asset.

Market Interest Drives ETF Push

The presence of regulated futures markets was a key factor in previous crypto ETF approvals. When approving Bitcoin ETFs, the SEC considered regulated futures markets as a way to address concerns about fraud and market manipulation.

Bitwise Senior Investment Strategist Juan Leon pointed to changes in the SEC’s approach. “I don’t want to say it’s in the bag, but the SEC’s change of tune is really something,” Leon said. “It’s really been a 180.”

In the broader market, Solana’s ecosystem has shown growth in several areas. The platform’s decentralized exchange, Raydium, has surpassed Ethereum’s Uniswap in trading volume for two consecutive months.

Pantera Capital, a cryptocurrency investment firm, expects a Solana ETF approval by March 2025. The firm bases this prediction on Solana’s increasing presence in decentralized finance and its active developer community.

The majority of new tokens launched in late 2024 were built on the Solana platform, showing growing developer interest in the ecosystem.

The SEC’s timeline for reviewing these applications could extend through multiple rounds of feedback and amendments. Under former SEC Chair Gary Gensler, the agency often used its full allotted time before making decisions on crypto ETFs.

The current regulatory environment under President Trump has shown more openness to crypto investment products. However, the exact timeline for potential approvals remains unclear.

The applications are now going through the standard SEC review process, which includes periods for public comment and potential amendments to the original filings.

The SEC must evaluate various aspects of these applications, including custody arrangements, market surveillance, and investor protection measures.