Solana ETF Faces SEC Roadblock as XRP, Polkadot Decisions Approach

Solana ETF Faces SEC Roadblock as XRP, Polkadot Decisions Approach

WASHINGTON, D.C. — The U.S. Securities and Exchange Commission (SEC) has officially postponed its decision on Grayscale’s proposed spot Solana ETF, pushing the final verdict into October 2025. The delay adds to a growing list of pending cryptocurrency ETFs, with the SEC set to weigh in on similar filings for Polkadot, XRP, and Dogecoin over the coming weeks.

Grayscale’s Solana Trust Paused Until October 2025

In a filing dated May 13, the SEC confirmed it would not yet approve or deny Grayscale’s application to list a Solana Trust ETF on the New York Stock Exchange (NYSE). The move came just a week after Canary Capital’s Litecoin ETF faced a similar delay, further underscoring the regulator’s cautious stance on expanding access to digital asset funds.

The Solana ETF delay pushes any decision until October 2025, extending investor uncertainty.

Despite the setback, the market response remains largely upbeat. According to Polymarket, an 82% probability has been assigned to the approval of a Solana ETF by December 31, 2025, while an 80% probability has been given to Litecoin’s ETF approval.

Bitcoin ETFs Set the Precedent

Crypto advocates remain hopeful, pointing to the success of Bitcoin’s spot ETFs, which launched in early 2024 and sparked a massive influx of capital. Spot Bitcoin ETFs contributed roughly 75% of all new inflows, propelling the cryptocurrency past $50,000 by February.

While Solana’s ETF might not rival Bitcoin’s in size, experts see it as a gateway for institutional capital. According to Ryan Lee, chief analyst at Bitget Research, the ETF would provide a “regulated investment vehicle” for institutional buyers — a structure that could potentially attract billions despite its smaller market cap.

More Crypto ETF Decisions on the Horizon

The SEC’s next moves are expected in June, when it must decide on a series of new ETF filings:

• Grayscale’s Polkadot ETF — June 11

• 21Shares’ Polkadot ETF — June 24

• Franklin Templeton’s XRP ETF — June 17

• Bitwise’s Dogecoin ETF — June 17

Still, these decisions may be delayed. The SEC has a habit of utilizing its full 240-day review window, as seen with Bitcoin and Ether ETF decisions in 2023 and 2024.

As the regulatory gears grind slowly, crypto markets continue to show resilience, betting on approvals that could fundamentally reshape the accessibility of major altcoins to U.S. investors.