Solana ETFs Approval Could Come Next Month as SEC Calls for Updated S-1 Filings

Highlights:

• SEC requests updates on Solana ETF filings, potentially fast-tracking approval within weeks.
• Analysts predict a surge in altcoin ETFs, with Solana leading the wave.
• SOL price rises 4% amid growing optimism for ETF approval and broader crypto adoption.

The United States Securities and Exchange Commission (SEC) has requested the issuers of proposed spot Solana (SOL) exchange-traded funds (ETFs) to update their S-1 filings within the next week, Blockworks reported on June 10, citing three sources familiar with the matter. A source said the filing changes might fast-track SOL ETF approval, potentially within three to five weeks.

The SEC is expected to review and respond to the submitted S-1 forms within 30 days, according to two sources cited by Blockworks. The agency has asked for revisions to the language regarding in-kind redemptions and staking. This indicates a possible openness to including staking in Solana-based ETFs. 

Race for Solana ETF Heats Up

Several firms have filed applications for a Solana ETF, including Fidelity, VanEck, Bitwise, Canary Capital, 21Shares, Franklin Templeton, and Grayscale. Grayscale aims to convert its current Solana Trust into an ETF, following the same strategy it used for its spot Bitcoin and Ethereum funds. The SEC delayed Grayscale’s application on May 13, followed by Franklin Templeton’s on April 30, while proposals from Fidelity and VanEck were pushed back on May 19.

On June 6, VanEck, Canary Capital, and 21Shares submitted a letter to the SEC, urging the agency to reinstate the first-to-file approval process. They argued that simultaneous approvals take away the traditional benefits given to early filers, who often face greater legal and compliance expenses. The letter specifically referenced their filings for SOL ETFs.

Analysts Hint at Possible ‘Altcoin ETF Summer’ Starting in July

After the SEC’s recent actions, traders on Polymarket now estimate a 91% chance that a spot Solana ETF will gain approval by the end of this year. Moreover, on Tuesday, Bloomberg senior ETF analyst Eric Balchunas shared a post on X featuring insights from fellow analyst James Seyffart.

Seyffart hinted that the SEC could approve ETFs tied to broad crypto indexes as soon as next month. The note also mentioned the possibility of the SEC moving ahead sooner than expected on filings for Solana and staking ETFs. Balchunas added that this could signal the start of an “altcoin ETF summer,” with SOL likely taking the lead.

Get ready for a potential Alt Coin ETF Summer with Solana likely leading the way (as well as some basket products) via @JSeyff note this morning which includes fresh odds for all the spot ETFs. pic.twitter.com/UMzih4oou7

— Eric Balchunas (@EricBalchunas) June 10, 2025

Meanwhile, on June 11, Nate Geraci, president of the ETF Store, commented that the SEC appears ready to “open the floodgates on crypto ETFs.” He noted this move could mark the final step before major brokerages begin offering direct spot crypto trading.

Looks like SEC about to open floodgates on crypto ETFs…

Last step before all major brokerages offer direct spot crypto trading.

Then we head down path towards full securities tokenization.

ETFs = bridge b/w tradi & defi.

That bridge is nearly built.

Crypto going mainstream.

— Nate Geraci (@NateGeraci) June 11, 2025

Following the landmark approval of spot Bitcoin ETFs in January last year and Ethereum ETFs in May, the focus has now shifted to leading altcoins such as Solana. The latest developments pushed SOL’s price up by 4.85%, with the token trading near $165.79, according to CoinMarketCap data.