The United States Securities and Exchange Commission (SEC) has once again postponed its decision on a proposed Solana spot ETF. Applications from Bitwise and 21Shares are now scheduled for a final verdict by 16 October 2025. Other applicants such as Canary Funds and Marinade Finance will also have to wait a little longer.

Why Has the SEC Delayed the Solana ETF?

The SEC has indicated that it requires more time to thoroughly review the proposed rule changes. The delay is not just about the technical details of the Solana ETF applications, but also about broader issues surrounding market structure, investor protections, and regulatory standards. This cautious, phased approach is in line with how the SEC has historically handled crypto products. The long approval path for Bitcoin and Ethereum ETFs is a case in point. Another key factor is whether Solana should be classified as a “security” or a “commodity”, a distinction that directly affects how the ETF would be regulated.

Signs of Progress for Solana ETFs?

Despite the delay, there are still encouraging developments:

• Market expectations: Analysts such as James Seyffart believe the SEC may still issue a final decision by early October.
• Strong competition: In addition to Bitwise and 21Shares, major players like VanEck, Grayscale and Fidelity are also in the race.
• International precedent: Canada has already approved Solana ETFs with a staking component — putting extra pressure on U.S. regulators to move forward.

Conclusion

The delay until 16 October is part of the SEC‘s careful and deliberate approach to crypto ETFs. While some regulatory and legal questions remain — especially regarding Solana‘s classification — the outlook appears cautiously optimistic. The coming months will be pivotal for Solana‘s journey into regulated investment products.