TLDR
- The US SEC has extended its review period for the Bitwise Solana ETF to October 16.
- The 21Shares Core Solana ETF has also received the same extended decision deadline from the SEC.
- The SEC stated it needs more time to evaluate the proposals and related market considerations.
- Both issuers recently updated their applications to align with the SEC’s latest requirements.
- Several other asset managers have pending Solana ETF proposals awaiting regulatory approval.
The US Securities and Exchange Commission (SEC) extended its review period for two Solana ETF proposals from Bitwise and 21Shares. The agency set October 16 as the new deadline for making a final decision on both applications. It said the extension allows more time to assess the proposals and related market concerns.
Bitwise Solana ETF Review Extended
The SEC postponed its decision on the Bitwise Solana ETF after reviewing initial submissions and recent amendments from the issuer. Officials said, “The Commission finds it appropriate to designate a longer period within which to issue an order.” This approach matches previous extensions granted for other cryptocurrency-based exchange-traded products.
The filing indicated that the SEC needs sufficient time to analyze technical details and potential regulatory implications. Bitwise updated its Solana ETF application last month to align with the SEC’s latest requirements. Market observers noted that the agency has repeatedly delayed cryptocurrency ETF rulings before final approvals or rejections.
The SEC has increased its scrutiny on digital asset products as more issuers seek to launch such funds. It is currently considering several proposals for different crypto assets. The agency has been balancing market innovation with investor protection requirements.
21Shares Core Solana ETF Timeline Shifted
The SEC also delayed its decision on the 21Shares Core Solana ETF, citing the same October 16 deadline. This extension reflects the agency’s standard practice of granting itself additional time for complex proposals. It follows recent amendments made by 21Shares to meet listing and operational conditions.
Several asset managers, including Grayscale, ProShares, and Canary, have similar pending applications for Solana ETFs. None have yet received approval, but filings have progressed under updated SEC procedures. BlackRock confirmed it has no current plans for a Solana ETF despite offering bitcoin and Ethereum ETFs.
