SEC Extends Review of Bitwise and 21Shares Solana ETF Filings to October

The original decision date was August 17.

In its August 14 filing , the regulator said the extension allows “sufficient time to consider” the proposals to list and trade Solana-based commodity trust shares on the Cboe BZX Exchange. The agency exercised its maximum 60-day extension authority, which will serve as the final deadline for approval or denial.

The Bitwise proposal was first filed on January 28, 2025, and published for public comment on February 18. The SEC initiated proceedings in May to determine whether to approve or disapprove the listing. Under the Securities Exchange Act, the commission can extend review timelines if it deems additional consideration necessary.

Bloomberg ETF analyst James Seyffart noted the delay also affects proposals from Canary Funds and Marinade Finance, adding that approvals for standard spot Solana ETFs are still expected by mid-October.

“Suspect we won’t see too many more of these,”

he commented on X.

NEW: Two delay orders on @BitwiseInvest & @21Shares ‘ Solana ETF Filings. Suspect we wont see too many more of these pic.twitter.com/6XNQPuvErF

— James Seyffart (@JSeyff) August 14, 2025

Nate Geraci, president of The ETF Store, told CNBC that momentum for altcoin ETFs is building, supported by strong inflows into Bitcoin and Ether funds. He expects regulatory approvals to open the door for a broader range of crypto investment products in the coming months.

Market sentiment around Solana remained upbeat despite the delay. SOL’s price climbed to $209 on Friday, marking a 24-hour range between $195.26 and $209.67, according to CoinMarketCap. 

Separately, in a move that could reshape corporate crypto accounting, the SEC issued interim guidance allowing certain U.S. dollar-backed stablecoins to be classified as cash equivalents on balance sheets. The policy shift could make stablecoins more attractive for treasury management, streamlining liquidity operations for businesses operating in both traditional and blockchain-based markets.