The U.S. Securities and Exchange Commission (SEC) has asked multiple asset managers to revise their S-1 registration forms for proposed spot Solana ETFs—an indication that approval may be closer than expected. According to sources cited by Blockworks, the agency’s revisions focus on redemption processes and potential staking features.
The development follows the SEC’s recent approval of spot ETFs for Bitcoin and Ethereum, a milestone that opened the door for broader crypto ETF products. However, no altcoin-based ETF—Solana included—has yet received a green light.
Last month, the SEC delayed decisions on applications from Bitwise and 21Shares. But analysts say these delays were procedural rather than a sign of rejection. With amended S-1 filings now requested, speculation is growing that Solana’s ETF could be approved sooner than previously forecast.
Analyst Sees Multiple ETF Approvals by October
Although formal approval remains pending, Bloomberg’s senior ETF analyst Eric Balchunas has predicted that the SEC could greenlight Solana, XRP, and other altcoin spot ETFs within two to four months. He said this could trigger a fresh wave of crypto ETF launches by October.
Balchunas noted that issuers are racing to gain first-mover advantage and may try novel approaches to get products to market faster. He added that a “basket” of ETFs—including Solana, XRP, Ether, and Bitcoin—could debut as early as July, assuming favorable regulatory alignment.
Still, he cautioned that capital inflows into Solana and XRP ETFs may be more modest than the billions poured into Bitcoin and Ethereum products. Initial demand might range from several hundred million to around $1 billion, he estimated.
“At some point the next four months they’re going to be an avalanche of spot products and they’re gonna have the same effect except it’s gonna be a much smaller scale,” Balchunas said.
Solana Price Climbs on ETF Optimism
Solana’s price jumped on renewed optimism following reports that the SEC may soon approve spot ETF applications. According to pricing data from The Block, Solana rose nearly 4%, from around $158 to $164.
The bullish sentiment also extended to related equities. DeFi Development Corp. surged 17%, climbing from $23 to $27. SOL Strategies gained 8.4%, according to Nasdaq data from June 10.
This rally reflects heightened investor interest in digital assets connected to traditional financial products, echoing the surge seen during the approval cycles of Bitcoin and Ethereum ETFs.
Quick Facts
- The SEC asked asset managers to revise S-1 filings for spot Solana ETFs, suggesting approval may be approaching.
- The revisions reportedly focus on redemption mechanisms and staking-related concerns.
- Bloomberg’s Eric Balchunas predicts multiple spot altcoin ETF approvals—including Solana—within two to four months.
- Solana’s price surged nearly 4% on ETF speculation, reaching $164.
- Stocks tied to Solana, like DeFi Development Corp. and SOL Strategies, also posted strong gains.
