The U.S. Securities and Exchange Commission delayed its decision on Solana ETF proposals from Bitwise and 21Shares. The SEC will now decide by October 16, 2025, whether to approve or reject the filings.
In the report, the SEC explained that it needs more time to go through the proposals and the issues they raised. This is after previous extensions and formal proceedings that were started in May.
SEC delays Bitwise and 21Shares decisions to October
The SEC postponed its ruling on Solana exchange-traded fund (ETF) proposals from Bitwise and 21Shares, setting a new deadline of October 16, 2025. The agency invoked its full 60-day extension authority, following an earlier delay in March and the initiation of formal proceedings in May.
In its latest notice, the SEC said it needs more time to review the applications and the issues they raise, citing the need to thoroughly assess broader market implications, regulatory compliance, and investor protection measures before taking any final action.
The standard public comment period and review process began after Bitwise and 21Shares first submitted their applications on January 28, 2025, and the filings were published in the Federal Register on February 18, 2025. To meet the agency’s expectations for transparency, market integrity, and protection against potential manipulation, both firms updated their filings to align more closely with SEC requirements. These updates show that both Bitwise and 21Shares want to provide a strong framework for a Solana-based ETF that could operate safely in the U.S. market while responding to regulatory concerns.
The ongoing debate about whether Solana should be classified as a security or a commodity continues to influence the SEC’s cautious approach. Analysts also point out the potential concentration of control among a small number of network participants and the maturity of the Solana network as other determining factors.
Shawn Young, chief analyst at MEXC Research, said the agency must ensure that these products do not create undue risk for investors or the broader market, even with growing interest in altcoin ETFs. He explained that the SEC’s careful review reflects the need to balance market innovation with proper safeguards because regulatory clarity and a mature ecosystem are critical for investor confidence.
Investors react as other Solana ETF filings remain pending
As the SEC carefully evaluates each proposal’s regulatory, technical, and market-related aspects, the applications of Grayscale, Fidelity, ProShares, and Canary Funds for Solana ETFs face similar delays. The repeated delays show that the SEC weighs factors such as market integrity, investor protection, and the proper classification of Solana as a security or commodity before approval.
Meanwhile, the world’s largest asset manager, BlackRock, said it has no interest in the Solana market because it’s satisfied with its existing Bitcoin and Ethereum ETFs. Analysts say BlackRock’s choice could influence how other large managers approach the Solana ETF market in the future. It may also reflect the firm’s assessment of Solana’s relative risk compared to Bitcoin and Ethereum.
Reactions to the SEC’s announcement show how sensitive cryptocurrency markets are to regulatory developments and public statements by key agencies, as Solana’s price dropped following the delay. The October 16 outcome could set a precedent for future approvals of similar products since investors and traders may adjust their positions in Solana and other related assets as they anticipate the SEC’s decision.
Some analysts say that a standard spot Solana ETF will exist this year if the proposals meet the agency’s market surveillance, liquidity, and investor protection requirements. On the other hand, others say that the more the SEC focuses on safety and oversight, the more scrutiny proposals will undergo before being approved.
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