US SEC Postpones Decision on Bitwise 'Solana Spot ETF' Approval to October 16

Doohyun Hwang

Summary

The US Securities and Exchange Commission (SEC) has announced that the decision on approving the Bitwise Solana Spot ETF has been postponed to October 16.
The SEC stated that, under the Commodity-Based Trust Shares provision, it has extended the review period for the ETF listing proposal by 60 days for further examination.
The President of The ETF Store commented that the increase in virtual asset ETF applications indicates this asset class is making its way into mainstream finance.

The US Securities and Exchange Commission (SEC) announced on the 14th (local time) that it is postponing the decision on whether to approve the 'Solana (SOL) Spot Exchange-Traded Fund (ETF)' filed by Bitwise to October 16.

Originally, the SEC was required to make an approval or disapproval decision by August 17, but decided to extend the period by 60 days, citing the need for more time for careful review.

This ETF is a listing proposal submitted on January 28 by the BZX Exchange under Cboe. It outlines the listing of a Solana-based ETF on the exchange under the provisions for Commodity-Based Trust Shares.

The SEC previously extended the review period once on March 11, and began the official deliberation process to decide approval or disapproval on May 19. Although a decision was supposed to be made by August 17, the SEC has once again delayed it by 60 days, setting the final deadline for October 16.

Regarding this extension, the SEC explained, "It was an appropriate action to ensure sufficient time to consider the proposed rule change and related issues."

Commenting on the decision, Nate Geraci, President of The ETF Store, said, "The SEC's delay was expected," but also noted, "The explosive increase in virtual asset ETF applications, including Solana, proves that this asset class is entering mainstream finance."

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