SEC Postpones Grayscale's Solana ETF Decision as Invesco-Galaxy Enters the Arena
The SEC delays Grayscale's Solana ETF approval, while Invesco and Galaxy Digital submit a competing application.
The U.S. Securities and Exchange Commission (SEC) has announced a 60-day extension to its review of Grayscale’s proposed Solana Trust ETF, further postponing a final decision until October 10, 2025. The delay comes just as traditional finance powerhouses Invesco and Galaxy Digital step into the fray with their own competing Solana ETF filing.
Grayscale originally submitted its Solana ETF proposal in January 2025 and revised it the following month. In May, the SEC formally began proceedings to evaluate the proposal’s compliance with regulatory frameworks, particularly focusing on whether it meets the necessary requirements to be listed on NYSE Arca. According to the agency’s latest filing, the additional review time is needed to consider the "complexity of the issues involved."
At the same time, a new player has entered the competition. Invesco and Galaxy Digital submitted a joint application for a rival Solana ETF earlier this week. Their filing proposes to list the fund on the Cboe BZX exchange under Rule 14.11(e)(4), the same provision utilized for similar digital asset-based exchange-traded products. As of now, the SEC has not yet published a comment window or initial response for the Invesco-Galaxy application.
This development underscores growing institutional interest in Solana as a blockchain ecosystem ripe for financial products. Despite Anatoly Yakovenko's recent controversial remarks about memecoins and NFTs, Solana continues to draw attention from major financial players aiming to capitalize on its expanding user base and technological infrastructure.
The SEC’s cautious approach reflects lingering regulatory uncertainty surrounding cryptocurrency-based ETFs in the United States. While Bitcoin ETFs have started gaining traction, altcoin-focused products—like those tied to Solana—are still navigating a murkier regulatory path. Market observers believe that approval of such funds could significantly impact crypto adoption and bring greater legitimacy to the altcoin space.
Grayscale, one of the earliest proponents of crypto ETFs, now faces stiff competition as Invesco and Galaxy position themselves to attract institutional investors seeking exposure to Solana. With both proposals in motion, the coming months may prove pivotal in determining how Solana ETFs take shape in the U.S. financial landscape.
