The U.S. Securities and Exchange Commission (SEC) has told companies interested in launching a spot Solana ETF to re-submit updated applications by the end of July 2025. This means the SEC is trying to move faster than expected, possibly approving these funds before the October 10 deadline.
Last week, a Solana-based ETF called the REX-Osprey SOL and Staking ETF (ticker: SSK) was automatically approved and began trading. This happened because it was filed under a different law, the Investment Company Act of 1940. This law allows automatic approval of certain funds unless the SEC actively blocks them.
In this case, the SEC did not block the fund. So, it was automatically approved and launched. As a result, it got a first-mover advantage over other Solana ETFs still waiting for approval. The SEC usually tries to avoid one product launching far ahead of others, which is why it’s now moving quicker on spot Solana ETFs.
In June, the SEC told ETF issuers to update their documents, called S-1 filings, to include details about in-kind creations/redemptions and staking mechanisms. This was the first sign that the SEC is seriously reviewing spot Solana ETF proposals.
If approved, Solana ETFs would become the third type of spot crypto ETFs in the U.S., after Bitcoin and Ethereum. Other cryptos like XRP, Dogecoin, and Litecoin also have ETF applications pending, but haven’t been approved yet.
Also Read: Solana Price to Retest $189 Amid New SOL ETF Filing
