The US Securities and Exchange Commission (SEC) has delayed its decision on multiple spot Solana exchange-traded fund (ETF) proposals from Bitwise, 21Shares, and Canary Capital.
The regulator announced on Aug. 14 that it requires more time to evaluate the proposed rule changes, extending the review period by the maximum allowable 60 days.
In the filings, the SEC stated that a longer review window is necessary to fully assess the applications and the issues they raise.
Bloomberg ETF analyst James Seyffart noted that further delays are unlikely, as the SEC has exhausted the full extension for this ETF review cycle.
Due to this, he stated:
“We’re expecting standard spot Solana ETFs to be approved by mid October at latest.”
Seyffart’s position is consistent with other market analysts who believe these financial products’ chances of approval are high due to the pro-crypto approach of the current administration and the Commission.
Growing demand for Solana staking ETF
While the SEC deliberates on spot Solana ETFs, the first US Solana staking ETF, the REX Shares Solana Staking ETF (SSK), is attracting strong investor interest.
Farside Investors’ data shows that on Aug. 14, SSK recorded a record $13 million in inflows and posted $66 million in daily trading volume, marking its highest activity since its July 2 launch.
These inflows have pushed the fund’s assets under management beyond $150 million in just six weeks. The surge highlights growing demand for Solana-based investment products, even as the broader crypto market faces volatility.
Despite the enthusiasm for SSK and other Solana-focused funds, Solana’s spot price dropped about 6% in the past 24 hours, trading at $191 at press time.
The decline mirrors a broader market correction that has weighed on major cryptocurrencies, including Bitcoin and Ethereum.