SEC delays Solana ETF; Polkadot and XRP decisions pending

The U.S. Securities and Exchange Commission has delayed making a decision on Grayscale’s spot Solana (SOL) ETF application, extending the review period until October 2025.

As the crypto industry waits for ETF rulings on assets like Polkadot (DOT), XRP, and Dogecoin (DOGE), all due in June, the SEC has also pushed back its decision on Grayscale’s filing.

Grayscale’s Solana ETF proposal, which aims for a New York Stock Exchange debut, will face further scrutiny, as the SEC confirmed in its May 13 filing.

Seeking to meet investor interest in regulated crypto assets, Grayscale introduced its Solana Trust ETF proposal earlier this year, focusing on the high-performing layer-1 network.

The SEC has extended the timeline, consistent with how it has handled similar cases in the past, often opting to use all 240 days allowed for review.

Spot ETFs serve as a crucial link between legacy financial institutions and the cryptocurrency sector, easing market entry.

After the SEC approved spot Bitcoin ETFs in early 2024, they quickly attracted significant inflows—about 75% of all new investments—boosting BTC to over $50,000 in under a month.

Experts argue that even though demand for a Solana ETF will likely be lower than that of Bitcoin, it could still channel billions into the market and validate the network’s role in crypto.

“A Solana ETF could drive long-term institutional adoption,” said Ryan Lee, chief analyst at Bitget Research

Bullish sentiment remains firm, regardless of the SEC’s decision to postpone.

Investors are betting on an 82% probability of Solana ETF approval by the end of 2025, with Litecoin (LTC) ETF approval predicted at 80%, according to Polymarket data.

As June approaches, attention turns to the SEC’s upcoming decisions on other important filings.

A court filing from the SEC shows that decisions regarding Grayscale’s Polkadot ETF will occur by June 11, with 21Shares’ Polkadot ETF following on June 24.

The SEC expects to rule on Franklin Templeton’s spot XRP ETF and Bitwise’s spot Dogecoin ETF by June 17, as per official filings.

Given the history of such decisions, the SEC will likely announce more delays.