The US Securities and Exchange Commission (SEC) has asked issuers of exchange-traded Solana funds (ETFs) to update their S-1 filings, which likely indicates an impending approval. While the exact timing of the authorization remains uncertain, the final deadline is set for October 2025.
The Securities and Exchange Commission (SEC) has requested that issuers of proposed spot Solana ETFs update their S-1 filings. This is a mandatory document through which ETF providers seek regulatory approval for a new fund, offering investors a first look at its strategy, risks, and fees. According to the online portal Blockworks, the SEC informed issuers that it would respond within 30 days of receiving the S-1 forms. During last year’s approval process for Ethereum ETFs, the products launched within a month of the updated filings.
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The race for a Solana ETF
After the agency approved spot ETFs for Bitcoin and Ethereum last year, companies filed dozens of applications for funds tracking Solana (SOL), XRP, and other cryptocurrencies. While analysts see high chances for the approval of altcoin funds, the SEC has yet to greenlight any. Just last month, the SEC delayed its decision-making process on spot Solana ETFs from Bitwise and 21Shares.
However, the regulator officially acknowledged one of the applications back in February. This was a significant step, as the SEC had previously declined to recognize such filings, and it now must meet a final deadline in October 2025. With the request for updated S-1 submissions, the ball is rolling. One of Blockworks’ sources expects approval within the next three to five weeks.
XRP ETF also on the horizon
Shortly after Solana, XRP is expected to become the fourth cryptocurrency to receive the regulatory nod. The same issuers behind the proposed Solana ETFs are also lobbying for an XRP-based fund. Thanks to the settlement in the SEC vs. Ripple court case, there are few remaining obstacles for these products. Both cryptocurrencies are tradable as derivatives on the CME and as futures-based ETFs — two prerequisites that were key in the approval of Bitcoin and Ethereum ETFs. Other digital assets with pending ETF applications include Dogecoin (DOGE), Cardano (ADA), Polkadot (DOT), HBAR, and Avalanche (AVAX).
Would love to hear directly from Atkins, but all good chance of happening. Here’s our latest odds of approval for all the dif spot ETFs via @JSeyff https://t.co/nLhYJJmO9U pic.twitter.com/4AcJVwhics
— Eric Balchunas (@EricBalchunas) April 30, 2025
