Fidelity’s Solana ETF Faces Yet Another Delay – What’s Wall Street Afraid Of?

Another day, another regulatory speed bump for crypto’s institutional adoption.

Fidelity’s hotly anticipated Solana ETF hits another delay—marking the third postponement this year. The SEC’s foot-dragging continues despite SOL’s 90% rally since January.

Wall Street’s playbook? Stall innovation until they’ve built their own backdoors. Meanwhile, retail traders keep stacking SATs while the suits argue about paperwork.

When it finally launches, this ETF won’t just track Solana—it’ll expose how painfully slow traditional finance moves in internet time.

Push for revised applications hints at progress

Even after the most recent hold, the SEC seems to be gearing up toward reviewing more formally. The agency has directed the issuers to revise and refile the Solana ETF applications no later than the end of July. The revisions will also need to contain more current language related to in-kind redemption and staking, which will align with the SEC, which changed its guidance.

The demand for amended filings is an indication of a more proactive regulatory approach to altcoin ETFs. According to sources, the SEC plans to rush through at least one SOL-based product before its October 10 deadline to issue a final ruling. There is some internal speculation that reviews will be completed long before that date. In June, the SEC released its initial official guidance regarding exchange-traded products that track digital assets.

In parallel, there is a second regulatory document under development. It would potentially cut the ETF listing process timeline in half, bringing down the average timeframe of 200 days to approximately 75. In case of adoption, the change will represent a significant step that will be hailed by crypto ETF applicants, aiming to enter the market faster.

Firms turn to workarounds amid delays

Some asset managers are diverting to different alternatives as spot ETF authorizations have stalled. Recently, the REX-Osprey SOL + Staking ETF was launched between REX Financial and Osprey Funds. Although not a direct Solana ETF, the product provides exposure to SOL-linked assets and staking-related yields. 

The ETF shall not directly own Solana, but aims to track its economic profile by applying structured exposure to assets of the Solana ecosystem. Despite their lack of SEC regulation, this launch underscores the growing demand for Solana-related offerings. Other altcoin ETFs, such as those connected to XRP and meme-based tokens, have also been filed, but regulatory decision-making is still pending.

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