Countdown to Solana ETF: SEC Could Greenlight Applications as Soon as Next Month

SEC Moves Swiftly On Solana ETFs As Revised Filings Requested Within Days

The US Securities and Exchange Commission (SEC) has reportedly asked several issuers to update and resubmit their Solana ETF filings, setting a tight one-week deadline for revised S-1 forms.

This sudden shift is being seen as an acceleration in the regulatory review process, with expectations building around a potential approval within three to five weeks.

Updated Filings Hint At Early Decision Before October

Sources familiar with the matter told Blockworks that the SEC intends to return comments within 30 days after submissions, a timeline that puts potential approvals as early as July—well ahead of the October final decision deadlines.

The agency has requested issuers to clarify how in-kind redemptions will function and outline their plans, if any, to include staking within their ETFs.

Notably, the SEC appears more open to allowing limited staking features in ETF products, a stance that contrasts with its previous resistance.

Staking May Be Allowed As Part Of Product Design

The SEC is also said to be open to allowing staking inside the ETF structure, a notable development given its prior stance.

Applicants were asked to explain whether they plan to include staking—where investors earn rewards by supporting the Solana network's operations.

While previous ETF filings, such as those for Ethereum, had to strip out staking language under pressure from regulators, the current Solana applications seem to be receiving more flexibility.

As one enthusiast, known as Crypto Racoon, put it:

“If staking gets approved, it changes the game.”

The SEC's increased openness is partly due to the inclusion of staking-related features in newer filings such as those by REX Shares, which adopted the rarely used “C-Corp” structure.

This format carries shorter regulatory timelines, possibly explaining the sudden momentum.

Industry Giants Compete In ETF Approval Race

Among the key players vying for a Solana ETF are VanEck, Grayscale, Bitwise, Franklin Templeton, 21Shares, Canary Capital, Fidelity, and possibly CoinShares, which recently registered a Solana ETF in Delaware.

Grayscale’s strategy follows its past model—converting its Solana Trust into a spot ETF, just as it did with Bitcoin and Ethereum.

VanEck, 21Shares, and Canary Capital have also jointly urged the SEC to reinstate the first-to-file rule, arguing that concurrent approvals remove incentives for early filings, which often come with higher legal and compliance costs.

Analysts Raise Approval Odds To 90 Percent

Bloomberg analysts Eric Balchunas and James Seyffart have updated their approval forecast, giving Solana ETFs a 90% chance of gaining SEC approval this year.

The odds match their current projection for a potential Litecoin ETF.

Balchunas wrote on X on 10 June,

“Get ready for a potential Altcoin ETF Summer with Solana likely leading the way.”

Seyffart echoed this optimism, stating the SEC might begin processing 19b-4 filings for Solana sooner than expected.

He also noted that Solana and XRP already have futures-based ETFs, which often pave the way for spot ETF approvals.

SOL Price Jumps On Filing News

Solana’s native token, SOL, surged 3% on 11 June following the news that the SEC is fast-tracking the ETF process.

It climbed to nearly $165 according to TradingView, reflecting growing investor confidence amid the accelerated regulatory timeline.

Although the price has since pulled back slightly, it remains strong, fluctuating within the $163 to $166 range.