According to sources, there is active preparation going on behind the scenes — fund issuers are getting ready for the possibility that the U.S. Securities and Exchange Commission (SEC) could give the green light to spot Solana-ETF applications in the coming days.
After the SEC approved universal listing standards for crypto exchange-traded products (ETP), and amid a wave of updated Solana forms from various asset managers, the industry is increasingly predicting a real surge of new crypto-ETFs is coming soon.
Sources familiar with the situation inside three different fund issuers said that a decision to approve the Solana-ETF could be made as early as next week. According to them, the current approval schedule and regulator activity create favorable conditions for such an outcome.
However, it’s not all straightforward. As two of the sources noted, a potential U.S. government shutdown, which began at midnight, could abruptly halt the entire process. One source directly said that in the event of a shutdown, ‘everything will be put on pause’ — until federal agencies resume work.
One source noted that he has ‘high confidence’ that S-1 forms for Solana-ETF will take effect in the first half of October. This means the launch could be very close — at least if things go favorably.
It is still unclear whether issuers plan to include staking in the final version of the spot SOL-ETF, but the topic of staking was mentioned in the latest wave of application amendments. This leaves room for possible integration if regulators approve such an approach.
If government agencies are suspended, the approval of new listings will most likely be frozen.
‘During a shutdown, approvals are virtually excluded,’ today’s report says.
The first applications for spot Solana funds were submitted back in the summer of 2024, and the SEC began active work on the documents in June.
If approval does happen, Solana will become the third crypto asset to receive a spot ETF in the U.S. — after Bitcoin and Ethereum. Currently, Solana‘s market capitalization is $113 billion. This makes it one of the largest coins on the market, although it still lags far behind Bitcoin ($2.2 trillion) and Ethereum ($503 billion).
After Solana, other tokens such as Ripple and Litecoin could also receive quick approval — especially since the SEC recently approved universal listing standards for digital assets. These rules allow for the approval of crypto-ETFs without the need to amend regulations via the 19b-4 form, which was previously considered mandatory for launching such products.
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According to crypto journalist Eleonor Terrett, the SEC has already asked a number of applicants, including those same Solana funds, to withdraw their 19b-4 forms. This is being done as part of the transition to a new system where these documents are no longer needed.
Despite the threat of a shutdown, the very direction of the discussion around approving new crypto-ETFs has changed noticeably. Now the question is not whether they will be approved, but when exactly it will happen.
‘To be honest, the likelihood of new crypto-ETFs being approved is now close to 100%. Universal standards essentially eliminate the need for the 19b-4 form and the associated regulatory wait,’ wrote Bloomberg senior ETF analyst Eric Balchunas on X.
He later noted that the launch of new funds can now happen at any moment, and market participants should be ready for this.
