- Bitwise CEO suggests major developments coming for Solana ETF approval this week.
- 9 institutional applicants await SEC decision amid government shutdown complications.
- Hong Kong approved the world’s first spot Solana ETF, which launched on October 27, 2025.
Bitwise CEO has hinted at a potentially pivotal week for the Solana ETF application process. The comments come as multiple issuers await final approval decisions from the Securities and Exchange Commission.
Nine prominent financial institutions have submitted applications for spot Solana ETFs in the United States. The group includes VanEck, 21Shares, and Bitwise and is the most comprehensive institutional effort for any cryptocurrency beyond Bitcoin and Ethereum.
Sources familiar with three different ETF issuers mentioned that a realistic approval timeline may be approaching. However, the ongoing U.S. government shutdown could affect the situation.
Applications reach final procedural stages
Bitwise has filed its “Bitwise Solana Staking ETF” (BSOL) with a 0.20% fee, the lowest among all proposed Solana ETFs. The company previously submitted an update for its Solana ETF application and proposed to add a staking feature to the product.
VanEck filed its “VanEck Solana Trust ETF” (VSOL) application in June 2024, with updated S-1 documentation submitted in August 2025. The fund proposes a 0.30% annual management fee, with custody services provided by Gemini Trust Company and Coinbase Custody.
21Shares submitted the “21Shares Core Solana ETF” application in June 2024 and filed Form 8-A(12B) on October 15, 2025. This is the final procedural step before trading can begin. The fund will list on Cboe BZX Exchange and includes staking functionality for holders.
Government shutdown creates uncertainty
The application process has reached a critical point, but the prolonged U.S. government shutdown has stalled SEC operations since October 1, 2025. Hong Kong has moved ahead of the United States by approving the world’s first spot Solana ETF. The product launched on October 27, 2025 and provides investors with regulated access to SOL exposure through traditional investment vehicles.
Analysts maintain optimistic views on Solana’s price trajectory regardless of ETF timing. Market observer BitBull noted that SOL continues holding its 3-year support trendline. The analyst identified $280 as the critical level and stated that a weekly close above this point could trigger a large rally. The projection suggests $400 to $500 for SOL and remains as a possible target during the current cycle.
Analyst Ali suggested that Solana holding $180 support could set up a rebound to $230 and potentially $290. SOL currently trades within this range as investors await clarity on ETF approvals and broader regulatory developments.
The Bitwise CEO’s comments about a “big week” have increased speculation about imminent progress in the approval process. However, concrete details remain unavailable until official announcements.
Related: XRP ETF Crosses $100M as CME Volume Surges, Range Holds $2.30–$2.60
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