The US Securities and Exchange Commission (SEC) has announced a delay in its decision regarding Grayscale’s proposed spot Solana ETF, now expected in October 2025. This follows similar postponements for altcoin ETFs, with Canary Capital’s Litecoin ETF also facing a delayed ruling. Industry experts, such as Bloomberg’s ETF analyst James Seyffart, believe these delays are indicative of a continued trend.
On the same day as the Grayscale announcement, the SEC began reviewing a significant proposed rule change for BlackRock’s Bitcoin ETF. This change would enable in-kind redemptions, allowing authorised participants to create or redeem ETF shares using Bitcoin instead of cash—aimed at increasing operational efficiency. A comment period for this potential amendment has been opened, allowing stakeholders to weigh in.
The SEC has also initiated a public comment phase for 21Shares’ Dogecoin ETF, which aims to offer traditional brokerage access to the meme coin. Although approval is uncertain, this filing reflects a growing interest in regulated products for high-volume altcoins.
While Solana’s regulatory landscape remains uncertain, its on-chain activity is witnessing remarkable growth, leading the market in revenue and decentralised exchange (DEX) volume in Q1 2025. Despite recent sell pressure from major holders—a noticeable trend with significant unstaking activity—Solana has outperformed Ethereum, generating over US$200 million (AU$310 million) in revenue for the quarter. The Solana network has also processed more than US$81.8 billion (AU$2.8 billion) in DEX activity over the past month.
In summary, while regulatory vagueness looms over proposed ETFs, the ongoing performance of Solana in the crypto space showcases its resilience and popularity amid these challenges.
