SEC Delays Grayscale Solana ETF Decision Again, Set New Deadline for October 10, 2025

The United States Securities and Exchange Commission (SEC) deferred its verdict on Grayscale’s attempt to convert its existing Solana Trust into a fully regulated ETF.

This marks the third time Grayscale’s application has been postponed, following earlier delays in March and May. The Commission has now set October 10 as the new deadline to deliver its final stance.

Grayscale Revises Solana ETF Filing

The firm revised its filing in mid-June to incorporate the SEC’s feedback, particularly concerning staking mechanisms and in-kind redemption features. Despite regulatory holdups, optimism remains high. Notably, the Rex Osprey SOL Staking ETF recently achieved a $133 million asset milestone, signaling strong institutional demand for Solana-based investment products.

Other firms such as VanEck, 21Shares, and Canary Capital have also filed for Solana ETFs, highlighting a competitive race to gain approval and tap into the growing investor interest in alternative cryptocurrencies beyond Bitcoin and Ethereum.

Alongside Grayscale’s delay, the SEC has further prolonged the evaluation of an exchange-traded fund (ETF) application submitted by Truth Social for a Bitcoin-based investment product. This extension aims to provide the Commission with adequate time to thoroughly assess the proposal’s merit.

Initially filed in June under an S-1 registration, the application triggered a standard 45-day review window. However, the SEC has now announced a new deadline of September 18, by which it must either approve, reject, or commence proceedings to investigate the matter further.

This move comes at a time when investor appetite for digital asset exposure via regulated channels continues to grow. The SEC’s cautious approach reflects its intent to ensure robust investor protection and market integrity amid the broader integration of cryptocurrency products into traditional financial markets.

Rising Demand Meets Regulatory Caution

Since the SEC gave the green light to spot Bitcoin ETFs in January 2024, the landscape for digital asset investment vehicles has rapidly evolved. BlackRock’s IBIT fund has quickly emerged as the front-runner, nearing $100 billion in assets under management (AuM) as July draws to a close.

According to Bloomberg analyst Eric Balchunas, the SEC is currently reviewing 72 cryptocurrency-related ETF proposals, including products tied to Litecoin, XRP, Dogecoin, and Cardano. Although the process remains slow, the Commission is legally mandated to issue decisions on all pending applications before the close of 2025.

While delays continue to frustrate some stakeholders, the SEC’s methodical approach underscores its aim to balance innovation with investor protection in a rapidly evolving digital economy.