Background: The U.S. Securities and Exchange Commission (SEC) has recently delayed approvals for multiple altcoin ETFs, sparking uncertainty and speculation within the crypto community. Major asset management firms Bitwise, Canary, and Grayscale have amended their Solana (SOL) ETF applications to include staking features in response to regulatory concerns.

Key Events: These updated S-1 filings aim to address the SEC's worries; however, according to Reuters, the SEC does not appear eager to grant approval. Analysts note that Bitcoin ETFs have undergone similar delays, indicating a similarly prolonged approval process for Solana ETFs. VanEck is the first U.S. company to propose a spot Solana ETF, while BlackRock has not participated in the altcoin ETF competition.

Market Reaction: Despite the slow approval progress, Polymarket data shows a 91% probability of Solana ETF approval by 2025. The Solana token price has performed positively, reflecting market optimism about future approval. Analysts emphasize that delays do not equate to rejection, and approval remains possible.

The U.S. Securities and Exchange Commission’s recent delays in approving a range of altcoin ETFs have stirred uncertainty within the crypto community, fueling speculation about what these postponements mean. Despite the rising fear, uncertainty, and doubt (FUD), data from Polymarket offers a contrasting perspective, suggesting several altcoin ETFs remain poised for potential approval.Solana ETF applicants filed an S-1 with the SEC In response to ongoing regulatory scrutiny, major asset managers Bitwise, Canary, and Grayscale have taken a proactive step by amending their Solana [SOL] ETF filings to include staking. This feature would allow funds to earn rewards by staking the Solana held in custody. These updated S-1 filings aim to address the SEC’s concerns, but according to a source cited by Reuters, the agency appears to be in no rush to greenlight the launches. Remarking on this, Bloomberg analyst James Seyffart said, Bitcoin ETF also faced the same kind of delaysWhile the spotlight remains on the growing number of amended Solana ETF filings, it’s worth recalling that the journey for spot crypto ETFs in the U.S. has been long and hard fought. Spot Bitcoin [BTC] ETFs gained approval only in January 2024, more than ten years after Gemini’s Tyler and Cameron Winklevoss submitted the original application back in 2013.In the case of Solana, VanEck was the first U.S.-based firm to propose a spot ETF in mid-2024, and interestingly, one of the last to revise its S-1 filing to incorporate staking provisions.BlackRock is not into altcoin ETFsInterestingly, BlackRock is absent in the Solana ETF race, and this silence raises questions about the firm’s intentions in the altcoin ETF space.Expressing on the matter, Seyffart noted, Polymarket trend and SOL’s price actionDespite the SEC’s apparent lack of urgency around altcoin ETF approvals, market sentiment remains strikingly optimistic.According to Polymarket data, the odds of a Solana ETF being approved in 2025 stood at 91% at the time of reporting. This bullish outlook appears to be mirrored in Solana’s performance, with the token trading at $146.40 following a modest 0.92% daily increase, as per CoinMarketCap. While delays may suggest caution, they don’t necessarily signal denial. As ETF analyst James Seyffart had aptly noted, This shows that the lack of movement doesn’t equate to rejection, leaving the door open for approval despite regulatory hesitations.

Solana ETF Applies to Add Staking Feature, Approval Probability Rises to 91%