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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Truth Social Steps Into Crypto

Truth Social’s parent company, Trump Media & Technology Group (TMTG), had previously announced plans to build a $2.5 billion Bitcoin treasury. This fund aims to add Bitcoin to the company’s balance sheet and integrate digital assets into its financial strategy. TMTG established a $250 million fund through Truth.Fi in partnership with Charles Schwab. Having partnered with Crypto.com, TMTG plans to launch ETFs including Bitcoin and Cronos in the U.S., Europe, and Asia. Additionally, TMTG is planning to issue crypto wallets and tokens via the Truth.Fi platform. 

In recent years, institutional interest in digital assets has rapidly increased. ETFs aim to diversify investment options in this field. Meanwhile, the SEC has taken a cautious approach to cryptocurrency ETF applications but has started approving some. TMTG will complete the legal and institutional processes to realize this plan. However, some House members, like Gerald Connolly, have expressed concerns about potential conflicts of interest and noted that congressional approval is required. 

Truth Social’s Bitcoin ETF application coincides with a period of growing integration of digital assets into traditional investment platforms. For instance, another company has applied to the SEC for a Dogecoin spot ETF. 

The Trump administration generally holds a positive stance on cryptocurrencies. According to some claims, a Bitcoin Reserve might be created by using the Bitcoin held by the U.S. Treasury in March 2025. However, there is no official announcement or approval yet. 

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