6 December 2025
The US Securities and Exchange Commission (SEC) has reviewed two notable proposals for spot Solana (SOL) exchange-traded funds (ETFs) postponed again, signaling further delays in the approval process for crypto-related investment products. The SEC has announced it will launch a new round of proceedings to examine whether the ETF proposals from asset managers Bitwise and 21Shares comply with key provisions of the Securities Exchange Act.
The SEC has raised concerns about market manipulation and investor protection, which are aspects it is required to consider before approving an ETF listing. It is clear that the regulator is taking a particularly cautious approach when it comes to approvals in the crypto space.
Bitwise’s application, filed in January through Cboe’s BZX Exchange, and 21Shares’ separate filing have both been delayed at least once. While both companies have experience offering crypto investment products, 21Shares already has approved Bitcoin (BTC) and Ethereum (ETH) ETFs under management. However, the SEC has yet to approve any funds tied to Solana, a blockchain often touted as a faster, cheaper alternative to Ethereum.
The regulator has indicated that it needs more public input and analytical time to determine whether the proposed rule changes meet standards for preventing fraud and safeguarding investor confidence. The SEC’s cautious stance suggests that Solana, despite its growing prominence, faces a longer road ahead for ETF approval than previous candidates.
The delay comes amid broader regulatory stagnation affecting several digital asset ETFs. The regulator has delayed decisions on several crypto ETFs in recent weeks and months. Despite this, there is still optimism in the market.
It appears that there is a high probability of approval for most ETF applications, with final approval expected to occur sometime in the second half of the year. This is supported by my expectation that both Solana and Litecoin (LTC) ETFs will eventually receive the green light, partly due to favorable commodity classifications and increasing interest from institutions.
Additionally, with decisions potentially months away and broader policy uncertainty remaining, investors appear to have to wait until late 2025 for clarity on Solana ETFs' entry into U.S. markets.
Why is Solana ETF approval delayed?
The SEC has raised concerns about market manipulation and investor protection, requiring additional time and public input to review the proposals.
What are the chances that the proposals will be approved?
There is a strong likelihood of approval for most ETF applications, with both Solana and Litecoin ETFs expected to eventually be approved.
How long might investors have to wait for clarity?
Investors may have to wait until late 2025 for clarity on the approval and launch of Solana ETFs to the market.
Bitcoin (BTC)
Ethereum (ETH)
XRP (XRP)
