SEC Postponements Heighten Solana ETF Competition as Companies Seek Authorization

Bitwise has recently submitted Form 8-A to the U.S. Securities and Exchange Commission (SEC), representing a significant milestone toward the introduction of a spot

(SOL) exchange-traded fund (ETF). Announced by Bitwise CEO Hunter Horsley on September 26, 2025, this filing indicates the company’s preparedness to launch trading once regulatory clearance is granted. This development mirrors a broader trend in the industry, as several other firms—including Grayscale, Franklin Templeton, VanEck, and 21Shares—have also updated their Solana ETF applications, increasing their engagement with the SEC [1]. Nate Geraci from Nova Dius Wealth believes these amendments might speed up the SEC’s evaluation, with possible approvals coming within two weeks [1]. Bloomberg ETF analyst James Seyffart noted that this collective action points to ongoing discussions between issuers and regulators [1].

Institutional interest in Solana-related investment products continues to grow, as seen in recent capital inflows. The REX-Osprey Solana Staking ETF, which debuted in June 2025, has accumulated more than $300 million in assets under management, while Bitwise’s European Solana Staking ETP attracted $60 million in new investments this week [1]. These numbers highlight strong investor faith in Solana’s future. Bitwise CIO Matt Hougan emphasized that Solana’s network activity and institutional involvement are key factors in its expansion, suggesting that the blockchain’s responsiveness to new capital could intensify price fluctuations. He projected that $30 billion flowing into a Solana ETF could have a comparable market effect as

[1].

Nonetheless, the SEC has postponed decisions on several Solana ETF filings. On October 16, 2025, the agency delayed its verdict on applications from Bitwise and 21Shares, citing the need for further review [2]. This postponement coincided with a 7.7% drop in Solana’s price to $167.47 over the last 24 hours, partly due to fluctuating macroeconomic indicators and market instability [3]. Despite this, issuers remain undeterred. For example, Franklin Templeton has submitted both S-1 and 19b-4 forms to list a Solana ETF on the Cboe BZX Exchange, utilizing its established infrastructure for Bitcoin and

ETFs [3].

The competition among Solana ETF applicants is intensifying, with eight companies now seeking approval. BlackRock, the largest crypto ETF provider, has not yet filed an application, though some analysts anticipate its entry [3]. Meanwhile, staking capabilities are emerging as a key differentiator. Recent proposals from Franklin Templeton, Fidelity, and others incorporate staking features, allowing ETFs to earn yield by staking Solana assets on-chain [4]. Geraci forecasts that these staking-enabled ETFs could receive approval by mid-October 2025, referencing the SEC’s recent endorsement of broader crypto ETF listing standards [4].

Market analysts observe that Solana’s recent performance and ecosystem expansion make it a strong candidate for ETF approval. As of September 2025, Solana’s market capitalization reached $110.88 billion, surpassing Bitcoin and Ethereum in recent performance with a 13.36% monthly gain [5]. Its Total Value Locked (TVL) in DeFi has doubled to $13.7 billion, indicating robust participation from both institutions and individual investors [5]. Experts at Pantera Capital and Bitfinex argue that Solana’s high throughput, low transaction costs, and expanding developer community position it as a compelling alternative to Ethereum [6]. Should a Solana ETF gain approval, it could further boost inflows, potentially driving the token’s price to the $250–$300 range, depending on regulatory and market developments [7].

However, the approval process remains challenging. The SEC’s traditionally cautious approach—demonstrated by its legal actions against crypto exchanges—creates obstacles, though recent political changes and the resolution of Coinbase’s case may help ease regulatory friction [3]. Additionally, the lack of U.S.-listed Solana futures complicates the review, as the SEC generally requires 18–24 months of futures trading before greenlighting a spot ETF [3]. Despite these challenges, the momentum behind Solana ETF proposals signals a crucial juncture for institutional adoption. With numerous firms refining their applications and analysts predicting approvals by late 2025, the industry is awaiting regulatory approval that could transform access to one of the fastest-growing blockchain ecosystems.