The U.S. Securities and Exchange Commission (SEC) has asked issuers of proposed spot Solana exchange-traded funds (ETFs) to update their S-1 registration forms. The request includes clarification on in-kind redemption procedures and specifics on whether the ETF will include staking. According to Blockworks, the SEC has indicated it intends to provide feedback within 30 days of submission.
Two people familiar with the matter said the SEC appears open to allowing limited staking within the ETF structure – marking a potential shift in how the agency handles proof-of-stake-based assets. This development could make Solana ETFs structurally different from spot Ethereum ETFs, which do not include staking features.
Read also: Canada Approves Solana Staking ETFs
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Decision Could Arrive as Early as July
The request for amended filings comes at a time when Bloomberg ETF analysts Eric Balchunas and James Seyffart had previously forecasted approvals might not happen before October. However, the new SEC request has prompted speculation that a decision on Solana ETFs could arrive earlier than expected – possibly within three to five weeks after submissions are made.
This accelerated timeline is partially due to the use of the C-Corp filing structure, which offers a shorter SEC response window compared to other formats. If all updates are submitted promptly, a final decision may be reached before the end of July.
Polymarket Odds Jump to Record Highs
Following the SEC’s request, prediction market Polymarket recorded a sharp spike in Solana ETF approval odds. As of June 11, the chance of a Solana ETF being approved before the end of 2025 surged to 91%, up from 78% earlier in the month. This marks the highest approval probability for any cryptocurrency ETF not yet approved.
Short-term sentiment has also shifted dramatically. The odds of a Solana ETF being approved by July 31 increased from 15% to 60% in less than 24 hours – making it the leading candidate for near-term approval among all pending crypto ETF proposals.
Solana Leads the Altcoin ETF Race
Grayscale, Fidelity, VanEck, Bitwise, Franklin Templeton, 21Shares, and Canary Capital all have pending Solana ETF applications. Grayscale’s approach follows a familiar strategy: converting an existing trust product into a spot ETF. Other issuers are starting from scratch but have already filed revised proposals, some of which have faced procedural delays earlier this year.
Despite these delays, Solana appears to be at the front of the pack when it comes to altcoin ETF approvals. According to Bloomberg’s analysts, Solana and Litecoin are tied with the highest odds of approval in 2025 at 90%, followed closely by XRP (85%) and Dogecoin (80%). However, the chances of any altcoin ETF being approved before July remain significantly lower – except in the case of Solana.
Outlook for Solana and ETF Market
If approved, a spot Solana ETF would be the third of its kind in the U.S. market after Bitcoin and Ethereum. Analysts suggest such an approval could signal the SEC’s growing acceptance of digital assets beyond the two largest cryptocurrencies, and open the doors for XRP, Cardano, Dogecoin and other coins. The inclusion of staking, if allowed, would also set a new precedent for how proof-of-stake assets are handled in regulated financial products.
While the SEC has not made any public statements confirming a timeline, the request for updated filings is widely seen as a signal that discussions have progressed. The outcome of these filings will likely shape how future altcoin ETFs are structured – and which assets may follow Solana into the ETF market next.
