- The regulator said it was “instituting proceedings” to consider the 21Shares Core Solana ETF and the Bitwise Solana ETF, according to filings released Monday.
- The SEC is currently reviewing more than 70 cryptocurrency ETF applications.
- Crypto investment products attracted $785 million in net inflows last week, according to CoinShares.
The US Securities and Exchange Commission has postponed its decision on two proposed exchange-traded funds tied to Solana, while inviting public comment as part of its review process.
The regulator said it was “instituting proceedings” to consider the 21Shares Core Solana ETF and the Bitwise Solana ETF, according to filings released Monday.
“Institution of proceedings does not indicate that the Commission has reached any conclusions,” the SEC said.
“Rather, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.”
The agency is currently evaluating a growing number of crypto ETF proposals beyond Bitcoin and Ethereum, with filings covering a range of assets including Solana, XRP, Dogecoin, Cardano, and Litecoin.
The current round of reviews comes amid a shift in regulatory tone under the Trump administration.
The crypto ETF waitlist
The SEC is currently reviewing more than 70 cryptocurrency ETF applications, ranging from products tied to major altcoins like XRP, Solana, and Litecoin to more speculative meme-themed and leveraged offerings.
Bloomberg ETF analyst Eric Balchunas described the current queue as “wild,” highlighting the breadth of filings, which include references to “Penguins, Doge, and 2x Melania.”
This wave of applications follows two landmark approvals by the agency: spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs in July. Both were viewed as significant milestones for mainstream adoption of crypto investment vehicles.
According to Bloomberg estimates from February, Litecoin ETFs have the highest likelihood of approval at 90%, with Dogecoin ETFs following at 75%.
Crypto ETPs inflows continue
Amid the regulatory developments, crypto investment products attracted $785 million in net inflows last week, according to CoinShares.
This marked the fifth straight week of gains, bringing total 2025 inflows to $7.5 billion and fully offsetting the $7 billion withdrawn earlier this year during a market correction.
Assets under management in crypto ETPs reached $172.9 billion globally, nearing all-time highs.
US-based products led with $681 million in inflows, followed by Germany at $86.3 million and Hong Kong at $24.2 million — its largest since November 2024. Sweden, Canada, and Brazil recorded modest outflows.
Solana-based products, despite the ETF headlines, saw net outflows of $0.9 million last week.
XRP and Sui drew $5 million and $9.3 million in inflows, respectively, while Cardano and Chainlink also saw minor gains.
21Shares, already active in the US through its spot Bitcoin and Ethereum ETFs with Ark Invest, has recently expanded its filings to include Solana, Dogecoin, XRP, and Polkadot.
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