SEC Delays Intensify Solana ETF Race as Firms Push for Approval

Bitwise’s recent filing of Form 8-A with the U.S. Securities and Exchange Commission (SEC) marks a critical step toward launching a spot Solana (SOL) exchange-traded fund (ETF). The filing, disclosed by Bitwise CEO Hunter Horsley on September 26, 2025, signals the firm’s readiness to begin trading once regulatory approval is secured. This move aligns with broader industry momentum, as multiple issuers—including Grayscale, Franklin Templeton, VanEck, and 21Shares—have also submitted amendments to their Solana ETF proposals, intensifying engagement with the SEC [1]. Analysts like Nate Geraci of Nova Dius Wealth suggest these updates could accelerate the SEC’s review process, with approvals potentially arriving within two weeks [1]. Bloomberg ETF analyst James Seyffart added that the coordinated activity reflects active dialogue between issuers and regulators [1].

The growing institutional appetite for Solana-linked products is evident in recent inflows. The REX-Osprey Solana Staking ETF, launched in June 2025, has attracted over $300 million in assets under management (AUM), while Bitwise’s European Solana Staking ETP saw $60 million in new capital this week [1]. These figures underscore investor confidence in Solana’s long-term potential. Bitwise’s CIO, Matt Hougan, highlighted Solana’s network activity and institutional participation as key drivers for its growth, noting that the blockchain’s sensitivity to new capital could amplify price movements. He estimated that $30 billion in inflows into a Solana ETF could have a similar market impact to Bitcoin [1].

Despite the progress, the SEC has delayed decisions on several Solana ETF applications. On October 16, 2025, the regulator pushed back its decision on proposals from Bitwise and 21Shares, citing ongoing review [2]. This delay coincides with a 7.7% decline in Solana’s price to $167.47 over the past 24 hours, partly attributed to mixed macroeconomic data and market volatility [3]. However, the SEC’s extended timeline has not deterred issuers. Franklin Templeton, for instance, has filed both S-1 and 19b-4 forms to launch a Solana ETF on the Cboe BZX Exchange, leveraging its existing infrastructure for Bitcoin and Ethereum ETFs [3].

The competitive landscape for Solana ETFs is heating up, with eight firms now vying for approval. BlackRock, the largest crypto ETF issuer, has yet to submit an application, though analysts speculate it may enter the race [3]. Meanwhile, staking features are becoming a differentiator. Recent filings from Franklin Templeton, Fidelity, and others include staking mechanisms, enabling ETFs to generate yield by deploying Solana holdings on-chain [4]. Geraci predicted these staking-enabled ETFs could gain approval by mid-October 2025, citing the SEC’s recent approval of broader listing standards for crypto ETFs [4].

Market observers note that Solana’s performance and ecosystem growth position it as a strong contender for ETF adoption. With a market cap of $110.88 billion as of September 2025, Solana has outperformed Bitcoin and Ethereum in recent weeks, surging 13.36% monthly [5]. Its Total Value Locked (TVL) in DeFi has doubled to $13.7 billion, reflecting robust institutional and retail participation [5]. Analysts at Pantera Capital and Bitfinex argue that Solana’s speed, low fees, and growing developer base make it an attractive alternative to Ethereum [6]. If approved, a Solana ETF could further catalyze inflows, potentially pushing the token toward $250–$300, depending on regulatory and market conditions [7].

The path to approval, however, remains complex. The SEC’s historical caution—evident in its lawsuits against crypto exchanges—poses challenges, though recent political shifts and the withdrawal of Coinbase’s case may ease tensions [3]. Additionally, the absence of U.S.-listed Solana futures products complicates the regulatory review, as the SEC typically requires 18–24 months of futures trading before approving a spot ETF [3]. Despite these hurdles, the momentum behind Solana ETFs suggests a pivotal moment for institutional adoption. With multiple firms refining their proposals and analysts projecting approvals in late 2025, the market awaits a regulatory green light that could redefine access to one of blockchain’s fastest-growing ecosystems.