Solana ETF Proposals from Bitwise, 21Shares Face SEC Delay Until October

Highlights:

• The SEC has extended the review for the Bitwise Solana ETF and 21Shares Core Solana ETF to October 16, 2025.
• Analysts expect Solana ETF approval by mid-October, supported by regulatory changes and strong market demand for crypto ETFs.
• Multiple firms, including Bitwise and 21Shares, recently updated applications to meet the SEC’s latest compliance requirements.

The U.S. Securities and Exchange Commission (SEC) has extended its ruling period in two Solana ETF proposals. The regulator said on Thursday that Bitwise and 21Shares will have to wait until at least October 16 for the final verdict. This extension is similar to the standard practice of the SEC regarding complex cryptocurrency-based investment products.

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SEC Extends Solana ETF Decision Timeline

In official filings, the SEC stated, “The Commission finds it to be appropriate to specify a longer time… so as to be given time to consider.” The latest deadline falls on the maximum allowable 60-day extension under the existing rules. Bitwise and 21Shares recently updated their applications to comply with the new SEC requirements.

Similar proposals, by Canary Funds and Marinade Finance, are also impacted by this delay. James Seyffart, an ETF analyst at Bloomberg, indicated that more delays are unlikely and the approval could be expected by mid-October. The issuer’s recent amendments indicate active interaction with the regulator.

And @CanaryFunds & @MarinadeFinance Solana ETF filing also delayed pic.twitter.com/bzvNGZIzQc

— James Seyffart (@JSeyff) August 14, 2025

Although the delay has occurred, the market optimism remains high. In June, Bloomberg analysts estimated the probability of approval at more than 90%. These estimates were later raised to 95%, showing confidence in regulatory acceptance.

Multiple Issuers Compete for Launch

Several asset managers are pursuing Solana ETF listings, including VanEck, Grayscale, Franklin Templeton, and Fidelity. However, the SEC recently acknowledged a filing from Invesco Galaxy, adding to the growing list of applicants. In late July, the SEC approved in-kind creations and redemptions for crypto ETFs. SEC Chair Paul Atkins commented that the move would benefit both issuers and investors.

🚨JUST IN: The SEC has acknowledged the filing for the Invesco Galaxy spot Solana ETF. pic.twitter.com/1Ng1Va2tMm

— SolanaFloor (@SolanaFloor) August 13, 2025

This increase in applications is occurring in tandem with record inflows into Bitcoin and Ethereum ETFs. Industry analysts believe such successes are generating momentum behind altcoin-based funds. In addition, Nate Geraci, president of The ETF Store, stated in a CNBC interview that recent policy adjustments may usher in a flood of new products.

This new move from the SEC aligns with its cautious stance towards digital asset ETFs. While other cryptocurrencies have not yet been approved, spot Bitcoin and Ethereum ETFs continue to gain traction. The regulatory body is aiming to strike a balance between innovation and investor protection as the market of crypto ETFs grows.

October Decision Marks Final Stage

The SEC has until October 16 to approve or reject the current Solana ETF applications by Bitwise and 21Shares. This date represents the final possible extension during the review cycle. The move would represent a major boost in the expansion of the crypto ETF segment in the U.S.

In addition, companies have been making adjustments to their offers in preparation for the ruling. Updates are in terms of operational protection, market monitoring tools, and compliance with SEC trading conditions. These revisions are aimed at keeping up with the latest compliance framework of the regulator.

In addition, the delay comes as the Solana price drops below the $200 key level. As of this writing, SOL is exchanging hands at $194, a decline of 4% over the past 24 hours. However, the altcoin has surged by 10% and 15% on the weekly and monthly time frames, respectively.

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