SEC Delays Grayscale Solana ETF; Invesco Enters Race

Solana ETF Approval Faces Further Delay

The U.S. Securities and Exchange Commission (SEC) has extended its review of the Grayscale Solana Trust ETF, pushing the potential approval decision to October 10, 2025.

According to the official filing, this delay allows the SEC more time to evaluate the proposed rule change necessary for listing the fund on NYSE Arca. Grayscale initially submitted its proposal in January 2025, with an amendment in February. In May, the SEC formally initiated proceedings to determine if the product meets the required regulatory standards.

Key Takeaways

• SEC Delay: Grayscale Solana Trust ETF review extended to October 10, 2025.
• Competitive Filing: Invesco and Galaxy Digital have jointly applied for a competing Solana ETF.

Invesco and Galaxy Digital Join the Fray

Amidst the SEC's extended review, Invesco and Galaxy Digital have submitted a new application for their own Solana ETF. Their proposal aims to list the product on Cboe BZX under Rule 14.11(e)(4), which is the same regulatory path used for other digital asset-based funds. The SEC has not yet announced the start of its comment period for this new proposal.

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