In July, the SEC may approve spot ETFs based on a basket of cryptocurrencies, followed by decisions on funds based on Solana. This forecast was made by Bloomberg senior exchange analyst Eric Balchunas.
Get ready for a potential Alt Coin ETF Summer with Solana likely leading the way (as well as some basket products) via @JSeyff note this morning which includes fresh odds for all the spot ETFs. pic.twitter.com/UMzih4oou7
— Eric Balchunas (@EricBalchunas) June 10, 2025
“Get ready for a potential Altcoin ETF Summer, with Solana likely leading the way,” he wrote.
According to information from Blockworks from its own sources, the Commission has requested potential issuers of spot exchange-traded SOL funds to provide updated S-1 forms.
According to the publication’s sources, the regulator promised to comment on the applications within 30 days. One source suggested that after updating the forms, the SEC could approve the products in the next three to five weeks.
Bloomberg exchange analyst James Seyffart confirmed that this possibility is not excluded, but he does not expect the agency’s decision before early October.
In their note, Balchunas and Seyffart pointed out that the regulator might expedite the review of applications for Solana ETFs and funds with staking features due to attempts by Rex Financial to launch similar products in the U.S. through indirect means.
After the registration of spot SOL ETFs, a “flood” of similar products based on other altcoins is expected, analysts believe. They estimate the chances of approval by the end of the year for instruments based on a basket of Solana and Litecoin assets at 90%, and for XRP funds at 85%.
Balchunas emphasized that he does not anticipate demand for these products comparable to the interest in Bitcoin ETFs.
“For Solana, attracting a billion would be a great success — the same goes for XRP,” he stated in a comment for The Block.
Back in April, assets of the largest exchange-traded fund IBIT from BlackRock exceeded $70 billion over 341 trading days, marking the fastest result among all ETFs.