Yeliz Akmaca 
The U.S. Securities and Exchange Commission (SEC) has postponed its decision on Grayscale’s Solana (SOL) and Litecoin (LTC) ETF applications. The agency requires additional time to evaluate investor protection and market transparency standards. This delay impacts Grayscale’s plans to list spot crypto ETFs on the NYSE Arca exchange. Meanwhile, the SEC has initiated a public comment period for BlackRock’s in-kind Bitcoin ETF redemption model. Polymarket estimates an 82% likelihood of Solana ETF approval and an 80% chance for Litecoin ETF by December 31, 2025.
Grayscale Solana and Litecoin ETF Applications Face Delay
The SEC continues to review Grayscale’s proposed ETFs for Solana Trust and Litecoin Trust. The agency is assessing compliance with the Securities Exchange Act of 1934. If approved, Solana and Litecoin ETFs would trade publicly through traditional investment accounts. However, the SEC has requested more time to determine whether both applications meet legal and market conditions. As a result, Grayscale’s ETF applications are now subject to an extended review process.
According to Polymarket, the Solana ETF has an 82% approval probability, while the Litecoin ETF stands at 80%. Investors are closely monitoring these developments, as approval could usher in a new era for the crypto market.
BlackRock’s Bitcoin ETF Model and Public Comment Process
The SEC is evaluating BlackRock’s proposed rule change for the iShares Bitcoin Trust, which would allow in-kind redemptions. Authorized participants could exchange ETF shares directly for Bitcoin instead of cash. Additionally, BlackRock has applied for in-kind creation and redemption processes for its spot Ethereum ETF. Despite recent delays, the U.S. SEC has accepted a spot Dogecoin ETF filing from 21Shares.
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