U.S. Securities Regulator Defers Determination on Proposed Solana ETF.
The United States Securities and Exchange Commission (SEC) has elected to postpone its verdict on two exchange-traded fund (ETF) proposals linked to the Solana cryptocurrency.
Concurrently, the agency is actively soliciting public input to inform its ongoing review process.
According to official documents released on Monday, the regulatory body has indicated it is “instituting proceedings” to conduct a more thorough examination of the 21Shares Core Solana ETF and the Bitwise Solana ETF.
SEC Clarifies Stance on Delayed Decision
The Commission was careful to clarify that this initiation of formal proceedings “does not indicate that the Commission has reached any conclusions.”
Instead, the SEC emphasized its receptive stance towards external perspectives: “Rather, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.”
21Shares, which already participates in the U.S. market through its spot Bitcoin and Ethereum ETFs offered in partnership with Ark Invest, has recently widened its regulatory submissions to include potential ETFs for Solana, Dogecoin, XRP, and Polkadot.
The SEC’s current review docket now extends to an increasing variety of cryptocurrency ETF proposals that go beyond Bitcoin and Ethereum, encompassing applications for assets such as Solana, XRP, Dogecoin, Cardano, and Litecoin.
This latest phase of regulatory assessment is taking place amidst an evolving regulatory climate under the Trump administration.
Expansive and Diverse Crypto ETF Application Queue
The SEC is presently contending with an extensive backlog of over 70 distinct applications for cryptocurrency ETFs.
These proposals cover a broad spectrum, from investment vehicles tracking major alternative cryptocurrencies like XRP, Solana, and Litecoin to more speculative instruments, including those centered on meme themes and leveraged products.
Eric Balchunas, an ETF analyst at Bloomberg, characterized the current queue of pending applications as notably “wild,” pointing to the diverse assortment of filings that reportedly include references to unconventional themes like “Penguins, Doge, and 2x Melania.”
As per estimates released by Bloomberg in February, ETFs for Litecoin were deemed to have the greatest probability of approval at 90%, while Dogecoin ETFs were projected with a 75% likelihood.
Sustained Investor Interest in Crypto ETPs Amidst Regulatory Scrutiny
Notwithstanding these regulatory deliberations, investment products related to cryptocurrencies have persistently attracted significant investor capital.
CoinShares data reveals net inflows amounting to $785 million during the past week.
This marks the fifth consecutive week of positive capital movement, elevating total inflows for the year 2025 to $7.5 billion.
Globally, assets under management (AUM) within crypto exchange-traded products (ETPs) have risen to $172.9 billion, approaching all-time high levels.
Regional Inflow Trends and Specific Altcoin Product Performance
Investment vehicles domiciled in the United States led these inflows, contributing $681 million.
Germany followed with $86.3 million, and Hong Kong recorded $24.2 million in inflows, with the latter representing its most substantial inflow since November 2024.
In contrast, markets in Sweden, Canada, and Brazil observed modest net capital outflows.
Interestingly, despite the regulatory attention on Solana ETFs, investment products specifically linked to Solana registered net outflows of $0.9 million last week.
Conversely, products associated with XRP and Sui attracted inflows of $5 million and $9.3 million, respectively, while investment vehicles tied to Cardano and Chainlink also experienced minor net capital gains.
Also Read: Ethereum Exhibits Positive Momentum Faces Crucial Test at $2,650 Resistance
