Solana Rises 5%, Physical ETF Approval Likely in July

The U.S. Securities and Exchange Commission (SEC) has requested companies applying for a Solana (SOL) physical ETF to submit revised S-1 documents within a week, according to interviews with multiple stakeholders. As reported by Blockworks, the SEC has informed applicants that it will provide comments within 30 days of submission.

The focus of the requested amendments is on the language concerning physical redemption and how the issuer will handle staking features. According to several stakeholders, the SEC has shown a positive stance towards incorporating staking features into the Solana ETF. This situation mirrors last year's approval process for an Ethereum physical ETF.