SEC delays Grayscale’s Solana ETF as Invesco Galaxy enters with rival filing

by Amy Lyman July 29, 2025

written by Amy Lyman July 29, 2025

Key Takeaways

The SEC has extended its review of the Grayscale Solana Trust ETF to October 10, 2025.
Invesco and Galaxy Digital filed a joint application for a competing Solana ETF.

The US Securities and Exchange Commission (SEC) has extended the review period for the proposed Grayscale Solana Trust ETF, delaying a final decision until October 10, 2025.

The delay gives the agency additional time to assess the rule change needed to list the fund on NYSE Arca, according to the official filing.

Grayscale first submitted its proposal in January 2025, later amending it in February. The SEC initiated formal proceedings in May to evaluate whether the product met regulatory standards and cited the need for a longer review window due to the complexity of issues involved.

Meanwhile, Invesco and Galaxy Digital have submitted a new application for their own Solana ETF. The filing, submitted this week, seeks to list the product on Cboe BZX under Rule 14.11(e)(4), the same regulatory pathway used for other digital asset-based funds. The SEC has yet to publish its initial comment period for the new proposal.