SEC Pushes Spot Solana ETF Filings Closer to Reality as July Approval Window Emerges

The U.S. Securities and Exchange Commission (SEC) has signaled a possible shift toward approval of spot Solana exchange-traded funds (ETFs), asking issuers to revise and resubmit their S-1 filings — a key procedural step that often precedes approval. The request is being interpreted as a sign that the SEC is warming up to altcoin-based ETFs beyond Bitcoin and Ethereum.

While the SEC approved spot Bitcoin and Ethereum ETFs in 2024, it has yet to greenlight any altcoin ETF products, despite a flurry of filings for Solana (SOL), Ripple’s XRP, and others. Recent proposals from Bitwise and 21Shares faced regulatory delays, but analysts say the tone is shifting.

Bloomberg’s senior ETF analyst Eric Balchunas believes spot Solana ETFs could receive the green light within the next two to four months — with July emerging as a potential launch window. “We think in July there could be a basket with Solana, XRP, Ether, and Bitcoin,” Balchunas told The Block. “Issuers are experimenting with creative launch strategies to be first to market.”

Balchunas added that an “avalanche” of altcoin ETF launches could hit in the next four months, although the scale will likely be smaller than Bitcoin or Ether products. “Solana would be lucky to attract even a billion in assets initially,” he said.

In response to the news, Solana’s price jumped roughly 4%, rising from $158 to $164. Stocks tied to Solana also rallied. DeFi Development Corp. surged 17% to $27, and SOL Strategies climbed 8.4%, according to Nasdaq data from June 10.

While regulatory uncertainty remains, the SEC’s latest move offers the strongest indication yet that Solana — and possibly XRP — spot ETFs may be nearing the finish line.