SEC Extends Review of Solana ETF Filings, Opens Public Comment
The SEC has extended its review period for Solana ETF applications submitted by 21Shares and Bitwise, and invited public comment on proposals from Canary and VanEck Trust.
The U.S. Securities and Exchange Commission (SEC) has delayed its decision on two Solana-based ETF proposals submitted by 21Shares and Bitwise. The agency is reviewing the filings and has opened a public comment period to gather input from market participants.
Furthermore, the SEC seeks feedback on the Canary Solana Trust and VanEck Solana Trust. While the moves do not signal approval or rejection, they indicate the regulator’s intent to further examine the legal and policy considerations.
Related: SEC Hits Pause on Crypto ETFs – XRP, SOL, and DOGE Need to Wait
Background Behind the Delay
The SEC’s decision to extend the review period reflects its intent to gather additional information on pricing mechanisms and asset custody. 21Shares and Bitwise submitted their filings for Solana ETFs earlier this year, while similar applications from Canary and VanEck followed in late April 2025.
“Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved,”
the SEC stated in its notice.
The delay comes amid a growing wave of ETF proposals tied to a broad range of crypto assets, from flagship tokens like Bitcoin and Ethereum to memecoins and NFTs. Products linked to SOL, XRP, DOGE, and even projects like Pudgy Penguins are now under the Commission’s scrutiny.
Related: U.S. SEC Postpones Review of Bitwise Dogecoin and Franklin XRP ETFs
Market Context
Bureaucratic procedures in the U.S. can significantly slow the rollout of new funds, even amid a more favorable tone from the current administration.
Following a pivotal court decision, the SEC has greenlit spot ETFs for both Bitcoin and Ethereum. Moreover, new SEC Chair Paul Atkins has expressed support for a more flexible regulatory approach during a recent industry roundtable.
While delays persist, the market is entering a new phase. Issuers are filing more actively and refining their applications with greater precision. One thing remains certain: investors are watching closely for definitive signals from the SEC on the approval of these products.
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