The U.S. Securities and Exchange Commission (SEC) has once again delayed its decision on two high-profile cryptocurrency exchange-traded fund (ETF) applications, one from Truth Social for a Bitcoin ETF and another from Grayscale for a Solana ETF.
According to the official release, the SEC needs more time to study the proposals. The Truth Social Bitcoin ETF application, submitted in June 2025 by Trump Media & Technology Group. The SEC now has until September 18 to approve or reject it. Grayscale’s Solana ETF decision has also been pushed back, with a new deadline set for October 10.
In an official filing, the SEC explained, “The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.” That simply means the SEC wants extra time to look at everything carefully before making a final call.
Moreover, the Truth Social ETF filing is one of several attempts by the media company, affiliated with President Donald Trump, to enter the digital asset space. The firm has also filed for a “Crypto Blue Chip ETF” and a combined Bitcoin and Ethereum fund.
This is the third time the SEC will push back on the Grayscale Solana ETF after earlier extensions in March and May. Grayscale originally filed to list the Solana ETF through NYSE Arca, and the filing was published in the Federal Register on February 12.
According to SEC records, the Commission can delay decisions up to 270 days under standard review procedures. In a recent tweet in April, Bloomberg ETF analyst Eric Balchunas noted that the SEC currently has 72 crypto ETF filings under review.
In June, Solana ETF applicants were requested to amend filings to clarify terms related to staking and in-kind redemptions. As part of the review process, the SEC is taking a close look at how these funds intend to deal with staking rewards and redemption processes.
Earlier this year, the SEC gave a green light to the Rex-Osprey Solana Staking ETF under the Investment Company Act of 1940, to provide investors the ability to get exposure to Solana and receive staking rewards.
Yet despite the delays, demand for crypto ETFs has picked up, with BlackRock’s Bitcoin ETF approaching $100 billion in assets under management.
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