SEC’s Final 60-Day Clock Ticks on Solana ETF Bids from Bitwise and 21Shares, October 16 Decision Looms

The U.S. Securities and Exchange Commission has entered the final phase of its review on Solana exchange-traded fund (ETF) proposals from Bitwise and 21Shares, locking in an October 16 deadline after invoking its maximum 60-day extension period. The regulator’s Division of Trading and Markets issued identical orders Thursday, citing the need for additional time to evaluate the proposed listing rule changes under BZX Rule 14.11(e)(4), which governs Commodity-Based Trust Shares.

The same procedural delay also applies to two other Solana ETF filings from Canary Funds and Marinade Finance, all of which seek to launch products tracking the price of Solana through a trust-based structure. While Solana’s ecosystem has seen significant growth in liquidity, custody options, and institutional engagement, questions over its regulatory classification—security or commodity—alongside concerns about network stability and potential centralization remain unresolved.

These applications, first submitted on January 28 and later opened for public comment in the Federal Register, have already faced earlier delays in March and May. With this latest and final extension, the SEC can no longer push the decision beyond mid-October. Market watchers believe the classification issue, alongside safeguards against manipulation, will be the decisive factors.

The outcome carries broader market implications. Traders are already eyeing Solana positions ahead of the ruling, viewing it as a potential precedent for future altcoin ETF approvals. The current proposals mirror the framework used for spot Bitcoin and Ethereum ETFs, leaning on surveillance-sharing agreements tied to CME Solana futures to meet SEC oversight standards.

More issuers are lining up behind the trend, with ProShares, Grayscale, and VanEck refining their filings to match the SEC’s expectations, though BlackRock has publicly stated it has no plans for a Solana product—at least for now.

Optimism remains in some corners of the market, with Bloomberg ETF analyst James Seyffart noting Thursday that a mid-October greenlight for standard spot Solana ETFs is still possible. If approved, the move would mark a major milestone for Solana’s legitimacy in traditional finance and could open the door to a broader wave of altcoin-based ETFs.