The U.S. Securities and Exchange Commission (SEC) has officially postponed its decision on several spot-Solana exchange-traded fund (ETF) applications, moving the deadline to October 16, 2025. This extension impacts proposals from asset managers Bitwise and 21Shares, along with reports indicating involvement from Canary Capital and Marinade Finance. The delay marks the maximum 60-day review extension allowed under federal securities law.
This latest deferral comes amid heightened investor anticipation and growing interest from institutional players seeking broader crypto exposure beyond Bitcoin and Ethereum. Bloomberg ETF analyst James Seyffart remarked that this is likely the final extension, pointing toward mid-October as the decisive moment for these ETF applications.
The SEC’s official order stated that the extra time was needed to carefully evaluate concerns around market integrity, investor protection mechanisms, and the legal classification of Solana — whether it should be regulated as a commodity, like Bitcoin, or as a security. Such classification plays a crucial role in determining the regulatory framework under which an ETF can operate.
High Hopes Despite Regulatory Uncertainty
Despite the postponement, sentiment within the digital asset industry remains largely bullish. Analysts and market participants continue to place the probability of approval at 90% to 95%, citing a broader shift in regulatory attitudes following the greenlighting of multiple Bitcoin and Ethereum-based ETFs earlier this year.
Proponents argue that Solana’s high transaction throughput, low costs, and growing decentralized finance (DeFi) ecosystem position it as a strong candidate for institutional adoption through an ETF structure. They also point to the increasing number of traditional finance firms entering the crypto space as a signal that regulatory resistance is gradually waning.
However, critics caution that the SEC’s hesitation underscores lingering concerns over market surveillance and trading activity on Solana’s network. These concerns echo earlier debates in the Bitcoin ETF approval process, where questions over wash trading, price manipulation, and exchange oversight were central to the SEC’s deliberations.
A Test Case for Altcoin ETFs
The Solana ETF applications represent one of the first serious attempts to bring a major alternative cryptocurrency into the U.S. spot ETF market. As such, they may serve as a bellwether for how regulators approach similar filings for other layer-1 blockchains, including Avalanche and Cardano.
If approved, these ETFs could significantly broaden investor access to Solana, enabling exposure through traditional brokerage accounts without the need to directly purchase and custody the cryptocurrency. Such a move could unlock new liquidity and potentially drive demand for SOL, Solana’s native token.
For now, all eyes are on mid-October. A favorable SEC ruling could mark a historic step for altcoin ETFs, while a rejection could reinforce the challenges non-Bitcoin digital assets face in navigating the U.S. regulatory landscape.