Solana ETFs Gain Momentum as SEC Accelerates Review Timeline

Solana’s ecosystem is poised for significant developments in the coming month. The meme coin platform Pump.fun has announced the launch of its PUMP token on Gate.io starting July 12, offering 15% of its total supply in a 72-hour sale. This announcement coincides with the US Securities and Exchange Commission (SEC) signaling an accelerated timeline for spot Solana ETFs, requesting amended filings from issuers before the end of July.

The PUMP token sale will feature 150 billion tokens available at $0.04 USDT each, with a potential raise of up to $6 billion if fully subscribed. This offering represents 15% of the total 1 trillion supply, though specific allocation details beyond the public sale remain undisclosed. Gate.io’s FAQ indicates there will be no upper purchase limit, only a minimum threshold to qualify, which could lead to high-demand volatility when the sale goes live.

Pump.fun aims for a $4 billion valuation for the project, with discussions ongoing about including a revenue-sharing mechanism for token holders. The platform has generated $700 million in cumulative revenue since its inception in early 2024, with peak daily revenues exceeding $7 million in January 2025. Despite a recent decline in daily revenue to around $1 million, Pump.fun remains one of the top-performing decentralized applications in the crypto space, highlighting sustained market interest in community-driven tokens and speculative trading tools.

The SEC’s recent communication with potential issuers marks a significant milestone in the approval process for spot Solana ETFs. In June, the SEC requested that issuers revise their S-1 filings to include language around in-kind creations and redemptions, as well as clarity on staking mechanisms. This request suggests that the SEC is actively preparing for approval and wants to ensure that the filings are technically and legally sound ahead of a potential green light.

The accelerated review may be driven by market dynamics, particularly the launch of the REX-Osprey Solana and Staking ETF (SSK), which began trading last week. This fund, structured under the Investment Company Act of 1940, effectively bypassed the more stringent vetting process associated with the Securities Act of 1933. The SEC’s desire to restore competitive balance may explain the sudden push to expedite spot Solana ETF approvals across the board.

If approved, Solana ETFs would provide traditional investors with exposure to SOL and help cement the token’s place as one of the top-tier assets in US crypto markets. The token has already seen surging institutional interest due to its performance, speed, and cost-efficiency relative to Ethereum. Meanwhile, other applications for spot crypto ETFs, including those tracking XRP, Dogecoin (DOGE), and Litecoin (LTC), remain pending but have not shown the same signs of accelerated review from the SEC.

The SEC’s evolving posture around Solana could mark a turning point in how it handles crypto-based ETFs more broadly. Its historical caution around altcoin-related products, often citing concerns about market manipulation and liquidity, may be softening in the wake of legal clarity, competitive pressures, and precedent-setting product launches like the SSK ETF. While no official approval has yet been granted for any of the spot Solana ETFs, the current signs suggest it may not be long before multiple issuers join the SSK ETF on the public market, giving US investors a broader set of tools to gain exposure to the Solana ecosystem.