SEC postpones Solana ETFs launch to October 16; Significant increase in SSK investments

The U.S. Securities and Exchange Commission has announced that the decision regarding spot Solana ETFs will now be delayed until October 16, 2025, following the use of the final 60-day extension. This extension has left market participants eagerly awaiting the outcome, as it will have significant implications for the regulated exposure to SOL and any future attempts at altcoin ETFs.
In the midst of this decision delay, the REX-Osprey Solana + Staking ETF (SSK) has been gaining traction, surpassing $150 million in assets under management. This staking-focused ETF has caught the attention of investors, showcasing the demand for investment vehicles linked to Solana, even in the absence of a spot U.S. ETF approval.
The SEC has cited the need for additional time to fully evaluate the rule changes associated with the Solana ETF proposals, particularly focusing on market surveillance and investor protection standards. These rule changes are tied to Cboe BZX’s Regulation 14.11(e)(4) for Commodity-Based Trust Shares, which outlines requirements for listing, disclosure, and surveillance.
Issuers such as Bitwise and 21Shares submitted these ETF proposals in late January, which were then published in the Federal Register for public comment. Following an extension in March and the initiation of formal proceedings in May, the SEC’s final procedural delay pushes the decision deadline to mid-October.
Industry analysts anticipate a decision by mid-October, highlighting unresolved questions surrounding Solana’s regulatory classification, network stability, and concentration risks as critical factors for approval. The decision on these spot Solana ETFs is expected to shape the future of altcoin ETF proposals, not just for Solana but for other digital assets as well.
In addition to the pending spot products, the REX-Osprey Solana + Staking ETF (SSK) has witnessed rapid growth since its launch on July 2, offering investors exposure to spot SOL combined with staking rewards distributed as monthly dividends. With assets exceeding $150 million and a surge in inflows and trading volumes, investor interest in this staking ETF remains strong.
Various firms, including Bitwise, 21Shares, Grayscale, Franklin Templeton, Fidelity, VanEck, CoinShares, and Canary Capital, have continued to advance their proposals for spot Solana ETFs in the U.S. market. These proposals align with the framework established for approved Bitcoin and Ethereum products under the Commodity-Based Trust Shares framework.