The US Securities and Exchange Commission (SEC) has designated a longer period to review ETF applications from Truth Social and Grayscale. The delay to Truth Social’s Bitcoin ETF and Grayscale’s Solana ETF comes amid rising interest by institutional investors in recent months.
SEC Pauses Truth Social’s Bitcoin ETF
According to an official release, the US SEC has disclosed that it will pause its decision on Truth Social’s Bitcoin ETF application, extending the period for review. The securities regulator says the delay is to allow the Commission ample time to explore the suitability of the application.
Per the release, the US SEC is now extending the review period till September 18, upon which it will give a decision. The SEC’s memo reveals that it can opt to approve or disapprove the application or institute proceedings to determine its next course of action.
Back in June, Truth Social filed an S-1 for a Bitcoin ETF, kickstarting a 45-day window for the SEC to make a decision.
“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised theirin,” read the statement.
The US SEC has approved spot Bitcoin ETFs since January 2024, opening the floodgates for institutional investments. Since then, BlackRock’s IBIT has emerged as the clear industry leader, hurtling toward $100 billion in AuM as July comes to a close.
Another Extension For Grayscale’s Solana ETF
After Truth Social’s Bitcoin ETF delay, the US SEC has extended its streak of delays to Grayscale’s application to convert its Solana Trust to an ETF. In the latest document released by the securities watchdog, the Commission is extending Grayscale’s application by 60 days after prior delays in March and May.
Per the statement, the SEC will give a final decision on October 10, either approving or disapproving Grayscale’s Solana ETF application. Several issuers have filed for spot Solana ETFs with the SEC, including VanEck, 21Shares, and Canary Capital, among others.
The Solana ETF filings were amended in the middle of June in response to the SEC’s feedback on in-kind redemption and staking. At the moment, Solana ETF approval odds have surged as the Rex Osprey SOL Staking ETF clinched the $133 million milestone.
Bloomberg analyst Eric Balchunas revealed in an X post that the SEC has 72 crypto-related ETF applications on its desk seeking approval. The ETFs range from Bitcoin, Solana, Litecoin, XRP, Dogecoin, and Cardano, with the SEC statutorily forced to give a decision before the end of 2025.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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