Solana ETF Approval Delayed by SEC to October 2025

The US Securities and Exchange Commission has extended the decision on the Grayscale Solana ETF to October 2025, according to to a May 13 filing. The SEC said it would continue to assess the Grayscale Solana Trust to determine whether the listing meets standards for investor protection and fair market practices. If eventually approved, the trust would be listed on NYSE Arca and hold SOL.

Parallelly, the decision on the Grayscale Litecoin Trust was also deferred, with the SEC opening proceedings to assess whether the ETF aligns with the Securities Exchange Act’s provisions. As a result, both the Solana and Litecoin filings remain under extended review. 

Why Did the SEC Delay the Solana ETF?

The filing cites the delay to the need to “institute proceedings” to evaluate potential market manipulation risks and compliance with the Securities Exchange Act. This is standard procedure for asset class ETFs, particularly those outside of Bitcoin and Ethereum.

The SEC has taken a similar route with other altcoin ETFs, including Litecoin and Polkadot. It has also opened the floor for public comments on multiple crypto proposals specially the BlackRock’s Bitcoin redemption model and 21Shares’ Dogecoin ETF.

• BlackRock’s amendment to its iShares Bitcoin Trust, seeking in-kind redemptions (instead of cash only).
• 21Shares’ Dogecoin ETF, which is now in its comment period.

Solana ETF Approval Remains High

Despite the postponement, analysts remained confident. Bloomberg Intelligence has raised its estimated odds of Solana ETF approval in 2025 to 90%. Decentralized Prediction platform Polymarket also shows

• 82% chance for Solana ETF approval.
• 80% for Litecoin ETF approval before the end of 2025.

These optimistic projections signal a growing belief that altcoin ETFs could follow the precedent set by Bitcoin and Ethereum spot ETFs earlier in 2024.

Solana ETF Launches in Canada: Will the U.S. Follow?

While the U.S. falls behind, Canada approved its first spot Solana ETFs on April 16, 2025. Issued by asset managers like 3iQ, Purpose, CI, and Evolve, these products have already driven institutional inflows.

Such move across the border adds pressure on U.S. regulators to greenlight similar offerings, especially as investors look for diversified exposure. The U.S., SEC has over 70 cryptos to review which contains dozens of altcoin ETFs, including SOL, XRP, Polkadot etc. As of April 30, 2025, a spot Solana ETF is yet to be approved in the United States.

Solana ETF Affect on Investors

An approval of spot Solana ETF is significant for both retail and institutional investors. For those closely monitoring the SOL ETF approval timeline should note the following:

• The delay does not mean a rejection; it’s a procedural extension.
• Approval in Q4 2025 remains highly likely.
• A U.S.-listed Solana ETF could significantly boost SOL price, institutional interest, and mainstream adoption.