ProShares has formally requested an extension for the effective date of its proposed spot exchange-traded funds (ETFs) tracking Solana (SOL) and XRP. The new deadline set by the firm is June 25, 2025.
This extension signals a potential step forward in the regulatory process, indicating ProShares anticipates further developments with the U.S. Securities and Exchange Commission (SEC) regarding approval. The move aligns with a similar deadline extension filed by Franklin Templeton for its own XRP ETF, suggesting growing momentum for spot crypto ETFs in the U.S. market.
Analysts view the potential approval of spot Solana and XRP ETFs as a significant development that could enhance market liquidity and broaden institutional participation in the cryptocurrency sector. Such approvals are seen as potentially reshaping market dynamics.
However, the SEC maintains a cautious stance, historically citing concerns over market manipulation and investor protection in the crypto space. These regulatory hurdles could still pose delays to final approvals.
Investor sentiment reflects cautious optimism following the filing update, with market participants closely monitoring the SEC’s next steps.