Yeliz Akmaca 
Despite increasing institutional interest in recent weeks, the SEC has postponed the decision process for two major crypto ETF applications. The first application is the spot Bitcoin ETF filed by Truth Social, while the other is Grayscale’s Solana ETF application.
The SEC stated it needs additional time to review Truth Social’s S-1 filing submitted in June. According to the official announcement, the Commission will announce its decision on this application by September 18, 2025. The decision could be an approval, rejection, or referral to another process.
Truth Social’s application came after the SEC approved its first spot Bitcoin ETFs in January 2024. During this period, BlackRock’s IBIT fund rose to lead the ETF market with nearly $100 billion in assets under management.
Second Extension for Grayscale’s Solana ETF Application
Following Truth Social, Grayscale re-entered the SEC’s focus. The Commission extended the review period for Solana Trust’s conversion to an ETF until October 10, 2025. Previously postponed twice in March and May, this marks the third delay.
In mid-June, Grayscale and other issuers made several updates to their applications based on SEC feedback. Issues such as staking mechanisms and the same redemption model caused detailed regulatory review.
https://twitter.com/EricBalchunas/status/1914336419314643103
Meanwhile, companies like VanEck, 21Shares, and Canary Capital also filed for spot Solana ETFs. Additionally, Rex Osprey’s SOL Staking ETF attracted attention with a $133 million target size.
Approval Process Must Be Completed by End of 2025
Legally, the SEC must decide on all ETF applications by the end of 2025. Bloomberg ETF analyst Eric Balchunas noted on X that the SEC currently has 72 crypto ETF applications pending. These applications cover various crypto assets including Bitcoin, Solana, Litecoin, XRP, Dogecoin, and Cardano. However, the SEC’s cautious approach continues to lag behind the market’s pace.
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