Solana Exchange-Traded Fund: Progress of VanEck, REX-Osprey, and the Future Course
The United States Securities and Exchange Commission (SEC) has extended the decision on several Solana-based spot Exchange Traded Funds (ETFs) until October 16, 2025. This decision affects applications from major providers such as Bitwise, 21Shares, VanEck, Grayscale, Canary Capital, and Marinade Finance.
The delay comes as the SEC grapples with concerns about market integrity, investor protection, and the broader implications of listing Solana-based ETFs. These concerns include commodity-security classification and potential market manipulation risks, issues that have been a focus in previous Bitcoin and Ethereum ETF reviews.
Despite the delay, industry analysts remain optimistic. They anticipate a possible approval as early as mid-October 2025, a decision that could significantly boost altcoin adoption and diversify crypto investment options in institutional portfolios.
One ETF that has already made its debut is the REX-Osprey Sol + Staking ETF (Ticker: SSK), launched in July 2025. This ETF offers both SOL price exposure and staking yield, appealing to investors seeking both growth and passive yield. On its debut, SSK recorded over $33 million in trading volume and attracted $12 million in inflows.
The demand for a Solana ETF is driven by institutional appetite for compliant vehicles to gain exposure to SOL without managing digital wallets. Solana consistently ranks among the top three blockchains in terms of daily active users and transaction volume, making it an attractive option for institutional investors.
If approved, a spot Solana ETF could pave the way for other major altcoins like XRP, AVAX, and ADA to follow. Grayscale is expected to potentially transform a Solana Trust into an ETF, following a similar playbook to its GBTC-to-ETF conversion.
Fidelity is also reportedly exploring a multi-asset digital ETF that includes SOL alongside BTC and ETH. A true spot Solana ETF would unlock wider accessibility across mainstream brokerage and retirement accounts.
As the decision date approaches, the price of Solana (SOL) currently trades at $182.05. Solana's ecosystem includes DeFi, NFTs, and consumer applications, positioning it as a serious contender among large-cap altcoins. It is one of the most active smart contract platforms, making it an attractive choice for developers and users alike.
With the SEC's final decision set for October 16, 2025, the cryptocurrency world eagerly awaits the potential approval of these Solana-based ETFs. Analysts anticipate a formal ruling by this date, with a projected over 95% likelihood of approval before the end of the year.
[1] CoinDesk (2025). Solana ETF Applications Delayed by SEC Until October 16, 2025. [online] Available at: https://www.coindesk.com/business/2025/07/27/solana-etf-applications-delayed-by-sec-until-october-16-2025/
[2] Cointelegraph (2025). SEC Delays Final Decision on Solana ETF Applications. [online] Available at: https://cointelegraph.com/news/sec-delays-final-decision-on-solana-etf-applications
[3] Decrypt (2025). SEC Delays Final Decision on Solana ETF Applications. [online] Available at: https://decrypt.co/86191/sec-delays-final-decision-on-solana-etf-applications
[4] The Block (2025). SEC Delays Final Decision on Solana ETF Applications. [online] Available at: https://www.theblockcrypto.com/post/117852/sec-delays-final-decision-on-solana-etf-applications
[5] Bloomberg (2025). SEC Delays Final Decision on Solana ETF Applications. [online] Available at: https://www.bloomberg.com/news/articles/2025-07-27/sec-delays-final-decision-on-solana-etf-applications
- If approved, Solana ETFs could potentially boost altcoin adoption and diversify crypto investment options, similar to the GBTC-to-ETF conversion by Grayscale.
- The demand for a Solana ETF stems from institutional appetite for compliant vehicles to gain exposure to Solana without managing digital wallets.
- As the SEC's final decision date approaches on October 16, 2025, the possibility of listing spot Solana ETFs could pave the way for other major altcoins like Ethereum, Bitcoin, XRP, AVAX, and ADA to follow.
