Daniel Walker
The U.S. Securities and Exchange Commission (SEC) has reportedly asked issuers of proposed spot Solana ETFs to revise their S-1 registration statements, according to sources cited by Blockworks. This action is being interpreted by market watchers as a sign that regulatory approval may be approaching.
Following the successful launch of spot Bitcoin and Ethereum ETFs, numerous companies have submitted applications to launch similar funds for SOL, XRP, and other altcoins. Despite this surge in proposals, the SEC has not yet approved any non-BTC or non-ETH spot ETFs.
Last month, the agency announced delays in its review process for Bitwise and 21Shares spot Solana ETF applications, further extending the waiting period for crypto asset managers.
Bloomberg Analyst Predicts Solana ETF Approval Within Months
According to Eric Balchunas, Senior ETF Analyst at Bloomberg, approvals for spot Solana and XRP ETFs could arrive within the next two to four months. He believes a “basket” ETF—including Bitcoin, Ethereum, Solana, and XRP—could debut as early as July, with key deadlines looming in October.
“Issuers are getting creative in racing to be first to market,” Balchunas said in an interview with PRIME. He noted that the launch of multiple spot altcoin ETFs may trigger a wave of similar products, albeit at a smaller scale than Bitcoin’s debut.
Market Reacts to ETF Optimism With Price Surges
Following news of potential approval timelines, Solana’s price climbed by 4%, rising from around $158 to $164, based on PRIME’s SOL price tracker. Shares of companies with exposure to Solana also saw notable gains:
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DeFi Development Corp. surged 17%, from roughly $23 to $27.
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SOL Strategies Inc. increased 8.4%, according to Nasdaq data from June 10.
Industry Response Remains Mixed
Major firms including VanEck, Canary, Fidelity, and 21Shares were contacted by PRIME for comment. While Grayscale and Fidelity declined to offer additional insights, the overall sentiment in the market continues to lean optimistically toward eventual approval.
