**Solana ETF Approval Timeline Extended: Bitwise and 21Shares Face Longer Wait Until October 16**

The U.S. Securities and Exchange Commission has set a new deadline of October 16 for resolving applications surrounding Solana-based Exchange-Traded Funds. According to filings disclosed on August 15, both Bitwise and 21Shares' Core Solana ETF proposals will receive their next decisions by this date, marking a significant extension from the original timeline.

The SEC's rationale for this postponement centers on the need for adequate review time. In official documentation, the regulatory body explained that "designating a longer period for issuing an order approving or disapproving the proposed rule change is appropriate in order for the Commission to have ample time to consider the proposed rule change and the issues raised therein."

**Market Momentum Behind SOL ETF Surge**

Recent developments suggest growing confidence around Solana-based spot ETFs entering the U.S. market. The push from multiple financial firms indicates intensifying competition in this space. Beyond Bitwise and 21Shares, several major players have submitted their own applications, including Proshares, Grayscale, Canary, and others seeking SEC clearance.

Last month witnessed a flurry of activity as multiple issuers revised their filing documents strategically, attempting to address SEC concerns and strengthen their approval prospects. This collaborative effort to refine proposals suggests the regulatory pathway is becoming clearer, even if the final approvals remain pending.

The October 16 deadline now serves as a critical checkpoint for the SOL ETF ecosystem, with approval potentially opening significant mainstream investment channels for Solana.