Compass Investments

the SEC could approve the Solana ETF as early as next month.

The regulator has asked issuers to update their filings.

A number of asset managers, including Grayscale, have lined up to launch the Solana ETF.

The U.S. Securities and Exchange Commission (SEC) is reportedly accelerating its review process for the Solana ETF, with possible approval expected in about three to five weeks.

This comes after the SEC asked issuers launching Solana ETFs to submit updated documents, especially Form S-1, within a week, which could signal approval.

source cited by Blockworks suggests that the documentation changes could expedite Solana ETF approval, possibly in July or within 3-5 weeks, before October, when most of the SEC’s final decision deadlines expire.

According to two sources speaking to Blockworks, the SEC will provide comments on Forms S-1 within 30 days of filing.

The agency has reportedly asked the companies to explain how investors can get their money back in cryptocurrency.

In addition, the agency wants to know if the companies plan to include steaking, i.e., receiving remuneration for helping to manage the Solana network, in their forms. It is reported that the SEC is not against allowing steakage in these products.

If steaking is approved, it will be a game changer, said one enthusiast under the nickname Crypto Racoon on Platform X.

Many managers are preparing to offer Solana ETFs, including Grayscale, VanEck, 21Shares, Bitwise, Franklin Templeton and Canary Capital, pending regulatory approval.

According to Bloomberg analysts Eric Balchunas and James Seyffarth, there is a 90 percent chance of approval in 2025, which is in line with their forecast for LitecoinETF approval.

We believe the SEC is now likely to turn its attention to reviewing 19b-4 filings for Solana and staking ETFs earlier than planned.

Bloomberg analysts.

Seyffarth noted this week that the SEC may be focusing on reviewing 19b-4 filings for Solana and staking ETFs earlier than expected, adding that issuers and industry representatives are likely working with the SEC and the cryptocurrency task force to finalize details.

He also added that Solana and XRP already have futures-based ETFs, which usually makes it easier for the SEC to authorize spot ETFs.

Last month, the regulator delayed a decision on Grayscale’s Solana ETF, indicating that it had not reached any conclusions on the 19b-4 application to list the proposed ETF. The delay was deemed procedural, not a rejection.