The Securities and Exchange Commission has requested that issuers of proposed spot Solana exchange-traded funds update their S-1 filings, a move that suggests approvals could be on the horizon, according to Blockworks, which cited people familiar with the matter.
After the agency approved spot ETFs for bitcoin and ether last year, companies have filed dozens of proposals for funds tracking SOL, XRP, and other cryptocurrencies. However, though analysts say altcoin funds have “high odds” of approval, the SEC has yet to approve any of them. Just last month, the SEC implemented delays in its decision-making process for spot Solana ETFs from Bitwise and 21Shares.
Although it’s still uncertain when spot Solana ETFs will be approved, Bloomberg senior ETF analyst Eric Balchunas estimates they could be approved within two to four months.
“We think the spot Solana and XRP and well, ether’s already out, but we think the other ones are going to come out probably, you know, two months. I think some of the deadlines are coming up in October. We think that in July, there could be a basket with Solana, XRP, Ether, and Bitcoin. It’s all spot,” Balchunas told The Block. “[Issuers are] trying clever ways to launch spot ahead of the next person, because first to market support.”
“At some point the next four months they’re going to be an avalanche of spot products and they’re gonna have the same effect except it’s gonna be a much smaller scale,” Balchunas said. “Solana, it’d be lucky to get a whole billion — same with XRP.”
Solana’s price spiked 4% from about $158 to $164 following Blockworks’ potential timeline on spot SOL ETF approvals, according to The Block’s SOL price page.
Shares of companies with exposure to solana also surged. DeFi Development Corp. stock rose 17%, from approximately $23 to $27, while SOL Strategies shares climbed 8.4%, according to Nasdaq data as of June 10.
The Block reached out to VanEck, Canary, Fidelity, and 21Shares for confirmation. Grayscale and Fidelity declined to provide additional comment.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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