The Securities and Exchange Commission (SEC) in the United States has decided to postpone its verdict regarding several spot Solana exchange-traded fund (ETF) applications. These applications were submitted by entities such as Bitwise, 21Shares, and Canary Capital.
On August 14, the SEC made public its need for further deliberation on the proposed modifications to regulations. This announcement signals an extension of the review timeline, pushing it to the maximum allowed duration of 60 days.
Official documents from the SEC indicate that the extended period is crucial for conducting a thorough evaluation of the submitted applications and carefully addressing the issues raised within them.
James Seyffart, a Bloomberg ETF analyst, suggests that additional delays are improbable. He believes the SEC has utilized the entirety of the extension allotted for examining this particular ETF cycle.
Consequently, he commented:
“Our expectation is that standard spot Solana ETFs will receive approval by mid-October at the latest.”
Seyffart’s viewpoint aligns with the sentiment of other market analysts. Their consensus points to a favorable likelihood of approval for these financial instruments, partly attributed to the current administration’s and the Commission’s perceived supportive stance toward cryptocurrency.
Solana Staking ETF Gaining Traction
As the SEC considers spot Solana ETFs, the first US Solana staking ETF, the REX Shares Solana Staking ETF (SSK), is witnessing increased interest from investors.
Data provided by Farside Investors reveals that on August 14, the SSK experienced a record inflow of $13 million, accompanied by a substantial daily trading volume of $66 million. This represents the fund’s most active period since its launch on July 2.
These inflows have boosted the fund’s assets under management to over $150 million in just six weeks. This growth emphasizes the rising desire for investment opportunities tied to Solana, despite the broader cryptocurrency market’s prevailing instability.
While enthusiasm surrounds the SSK and other Solana-centered funds, Solana’s market price experienced a decline of approximately 6% over the preceding 24 hours, settling at $191 at the time of this report.
This downturn mirrors a general correction in the market, impacting major cryptocurrencies such as Bitcoin and Ethereum.
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