The U.S. Securities and Exchange Commission has delayed its decision on Grayscale’s proposed spot Solana ETF, extending the review timeline to October 2025. The move mirrors the SEC’s historically cautious approach to crypto-backed ETFs, even as investor demand for regulated digital asset products continues to grow.
Grayscale’s application to list its Solana Trust on the New York Stock Exchange was expected to face delays, but the October extension now puts added pressure on forthcoming rulings tied to other altcoin ETFs. Notably, spot ETF proposals for Polkadot (DOT), XRP, and Dogecoin are facing key deadlines in June.
While the delay is disappointing for advocates of Solana adoption, market sentiment remains largely optimistic. According to decentralized prediction platform Polymarket, over 80% of users believe a Solana ETF will be approved before the year ends. Litecoin is seeing similar confidence levels for its own proposed ETF.
Industry analysts note that while a Solana ETF may not see inflows on the scale of Bitcoin’s ETF products, it could meaningfully boost institutional interest by offering a fully regulated entry point. The SEC’s green light for spot Bitcoin ETFs in January helped catalyze BTC’s return above $50,000 in February, underscoring the impact of such regulatory milestones.
With the agency now facing fast-approaching deadlines for multiple altcoin ETFs, June could shape up to be a turning point in the mainstreaming of broader digital asset investment products.
June ETF Deadlines Loom for XRP, DOT, DOGE
While the SEC has once again postponed its verdict on a spot Solana ETF, investor sentiment remains firmly bullish on the likelihood of approval by year’s end. According to decentralized prediction market Polymarket, traders are currently assigning an 82% probability that a Solana ETF will be approved before the close of 2025. A Litecoin ETF also holds strong odds, with 80% betting on its approval within the same timeframe.
But Solana isn’t the only altcoin ETF under regulatory scrutiny. A wave of pending applications is approaching decision deadlines next month. The SEC is scheduled to deliver rulings on Grayscale’s Polkadot ETF by June 11 and 21Shares’ DOT ETF by June 24. Meanwhile, June 17 marks the decision date for Franklin Templeton’s spot XRP ETF and Bitwise’s proposed Dogecoin ETF.
Despite the looming deadlines, analysts caution that delays are likely. The SEC has historically used the full 240-day review window for crypto-related ETFs, including during the drawn-out evaluations of spot Bitcoin and Ethereum ETF proposals in 2023 and 2024.
If history is any guide, the SEC could again opt to extend the review period for these altcoin funds, delaying broader institutional access. Still, the mounting volume of ETF applications, rising investor confidence, and growing crypto market maturity suggest that more approvals are only a matter of time.
Quick Facts
- The SEC has extended its review of Grayscale’s Solana ETF to October 2025.
- June brings key deadlines for XRP, DOT, and Dogecoin ETF proposals.
- Polymarket predicts an 82% chance of Solana ETF approval this year.
- The SEC is expected to follow historical precedent and delay further rulings.
