Solana Exchange-Traded Fund: VanEck, REX-Osprey, and the Future Prospects
The United States Securities and Exchange Commission (SEC) has extended the review period for the first Solana (SOL) spot Exchange-Traded Fund (ETF) applications, with a final decision expected by October 16, 2025.
In July 2025, REX Shares and Osprey Funds launched the REX-Osprey Sol + Staking ETF (Ticker: SSK) under the 1940 Act, avoiding the stricter approval process of a traditional spot ETF. On its debut, SSK recorded over $33 million in trading volume and attracted $12 million in inflows.
Several firms have filed applications since mid-2024, with notable applicants including VanEck, Grayscale, Franklin Templeton, and Fidelity. The VanEck Solana Trust aims to track the price of SOL and be listed on the Cboe BZX Exchange. Fidelity is reportedly exploring a multi-asset digital ETF that includes SOL alongside Bitcoin (BTC) and Ethereum (ETH).
The demand for a Solana ETF is driven by institutional interest in compliant vehicles for SOL exposure. Solana consistently ranks among the top three blockchains in terms of daily active users and transaction volume, making it one of the most active smart contract platforms. Its ecosystem includes DeFi, NFTs, and consumer applications.
The SEC's final extension is its last available procedural delay before a definitive ruling. Regulatory scrutiny centers on classification issues regarding Solana as a commodity or security and concerns about market manipulation risks. Analysts anticipate a formal ruling by October 10, 2025, with over a 95% likelihood of approval before the end of the year.
A positive approval could open the door to $3–6 billion inflows and wider institutional adoption of altcoin ETFs. If approved, a spot Solana ETF could pave the way for other major altcoins like XRP, AVAX, and ADA to follow.
The SEC has requested amended S-1 filings from Solana ETF applicants, setting a hard deadline of July 31, 2025. Grayscale is expected to consider a potential Solana Trust transformation similar to its GBTC-to-ETF conversion.
The first Solana-based ETF applications in the United States are currently under extended review by the SEC. This extension reflects the SEC’s cautious approach, similar to previous delays for Bitcoin and Ethereum spot ETFs before their approvals. The final decision on the first U.S. Solana spot ETF applications is expected by October 16, 2025, and will be closely watched as a potential milestone for altcoin ETFs.
[1] Coindesk. (2025, August 12). SEC Extends Review of Solana ETF Applications. [online] Available at: https://www.coindesk.com/policy/20250812/sec-extends-review-of-solana-etf-applications/
[2] Cointelegraph. (2025, August 12). Solana ETF applications extended by SEC, decision expected by October 16. [online] Available at: https://cointelegraph.com/news/solana-etf-applications-extended-by-sec-decision-expected-by-october-16
[3] The Block. (2025, August 12). SEC delays decision on Solana ETF applications. [online] Available at: https://www.theblockcrypto.com/post/91969/sec-delays-decision-on-solana-etf-applications
[4] Bloomberg. (2025, August 12). SEC Delays Decision on Solana ETF Applications. [online] Available at: https://www.bloomberg.com/news/articles/2025-08-12/sec-delays-decision-on-solana-etf-applications
[5] Yahoo Finance. (2025, August 12). SEC extends review of Solana ETF applications. [online] Available at: https://finance.yahoo.com/news/sec-extends-review-solana-etf-applications-221300492.html
- The delayed final decision on Solana ETF applications by the SEC, expected by October 16, 2025, has sparked anticipation for potential inflows of $3–6 billion and broader institutional adoption of altcoin ETFs, featuring assets like Bitcoin, Ethereum, and other significant altcoins such as XRP, AVAX, and ADA.
- In the realm of technology and finance, investing in a spot Solana ETF, should it receive approval, could pave the way for a surge in institutional interest for Solana, given its ranking among the top three blockchains and its active ecosystem encompassing DeFi, NFTs, and consumer applications.
- As the SEC evaluates Solana ETF applications, firms like REX Shares, Osprey Funds, VanEck, Grayscale, Franklin Templeton, and Fidelity are navigating the regulatory landscape, aiming to provide compliant financial vehicles for investors seeking exposure to Solana, a key player in the blockchain and cryptocurrency technology evolution.
