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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Grayscale’s Solana ETF Application

As Solana’s price has fallen to 13-month lows, Grayscale’s application to convert its Solana Trust into an ETF has rekindled interest in the market. The move is seen as part of a strategy to expand investor access amid rising crypto adoption.

The Regulatory Process and Grayscale’s Strategy

Grayscale has taken its 19b-4 application, which it filed last December, a step forward by filing for a Solana ETF to trade on NYSE Arca. The SEC’s changing stance raises expectations that it could follow suit for Solana, following the approval of Bitcoin and Ethereum ETFs.

A notable detail, Grayscale’s application states that SOL tokens will not be staking. This approach is considered a compliance strategy that takes into account the SEC’s regulatory sensitivities towards proof-of-stake systems.

Solana Price and Market Reaction

Grayscale’s ETF application comes at a time when Solana’s price has fallen to 13-month lows. SOL is trading around $114.50, while market volatility is driven by geopolitical risks and economic uncertainty in the US.

The fate of Solana’s ETF application depends on the SEC’s decision. Given that giants like Fidelity have filed similar applications, regulatory developments will be one of the key factors that will determine the future of the altcoin market. Analysts predict that if Grayscale wins approval, Solana could attract more institutional investor interest.

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