On June 11, 2025, the U.S. Securities and Exchange Commission (SEC) made a significant shift in its regulatory stance regarding exchange-traded funds (ETFs) for crypto assets. According to multiple sources, the SEC has requested several potential Solana spot ETF issuers to expedite the submission of their revised S-1 application documents and has officially initiated the review process for the Bitwise Bitcoin and Ethereum Hybrid ETF.

1. Solana Spot ETF: Accelerated Approval and Breakthrough in Staking Mechanism

As a representative of high-performance public chains, Solana occupies an important position in decentralized finance (DeFi) and non-fungible tokens (NFTs) due to its low transaction costs and high processing speed. Therefore, the approval process for its spot ETF has garnered significant market attention.

According to Blockworks, the SEC has notified several asset management companies, including Grayscale, VanEck, and Bitwise, to submit updated S-1 documents within a week. The review focuses on the language regarding the physical redemption mechanism and the specific design of the staking plan.

Notably, the SEC's open attitude towards incorporating staking rewards into the ETF structure has been interpreted by the market as a key concession from regulators. If this mechanism is realized, ETF holders will not only gain exposure to the price of SOL tokens but also share in the earnings generated from network validation, significantly enhancing the product's appeal.

Based on the current approval pace, the Solana ETF is expected to receive approval within the next three to five weeks, potentially launching in mid-July. If this prediction holds true, Solana will become the third crypto asset, after Bitcoin and Ethereum, to receive approval for a spot ETF in the U.S. Bloomberg's senior ETF analyst Eric Balchunas is optimistic about this, raising the probability of Solana ETF approval within 2025 to 90%.

JPMorgan's analysis report predicts that after the approval of the Solana ETF, the net inflow of funds in the first year could reach between $3 billion and $6 billion. Such a scale of capital injection would significantly enhance Solana's asset liquidity and market depth.

2. Bitwise Hybrid ETF: A New Paradigm of Diversification and Risk Mitigation

While advancing single-asset ETFs, the SEC officially initiated the review of Bitwise's Bitcoin and Ethereum Hybrid ETF listing application on June 10. This product plans to list on the NYSE Arca, with its core feature being the dynamic allocation of Bitcoin and Ethereum, the two core crypto assets.

According to its design, the asset weight of this ETF will be dynamically adjusted based on the relative market capitalization of the two assets, with the current initial allocation being approximately 83% Bitcoin and 17% Ethereum. Coinbase Custody Trust Company will serve as its crypto asset custodian to ensure the security of the underlying assets. Its daily net asset value (NAV) will reference the official pricing benchmark from CME CF, and authorized participants (APs) can conduct large-scale subscriptions and redemptions in cash.

This hybrid ETF provides investors with a balanced and convenient investment tool for crypto assets. Compared to single-asset ETFs, it inherently possesses the advantage of risk diversification, making it particularly suitable for institutional investors looking to capture the overall performance of the crypto market while reducing the volatility risk of a single asset through a single trading tool.

The SEC's review process will be based on Section 6(b)(5) of the Securities Exchange Act, focusing on whether its listing rules can effectively prevent fraud and market manipulation while adequately protecting investor interests. Although the final approval timeline remains uncertain, the market generally believes that under the pro-crypto policy direction of the Trump administration and the potential influence of the newly nominated SEC chair Paul Atkins, the approval process is likely to accelerate.

3. Evolution of the Regulatory Environment and Market Outlook

The progress of the Solana and Bitwise Hybrid ETFs clearly reflects the structural changes in the U.S. crypto regulatory environment. Following the approval of Bitcoin and Ethereum spot ETFs, the asset management industry has shown unprecedented interest in launching more crypto ETF products. Positive signals from the political level, especially the Trump administration's commitment to "make the U.S. a global crypto hub," have created favorable conditions for further regulatory relaxation.

However, challenges remain. The securities nature of Solana has not been fully clarified. Although the SEC has softened its stance in some recent lawsuits, its attitude in other cases may still pose obstacles.

The introduction of the staking mechanism may bring new compliance complexities, requiring issuers to provide detailed and compliant solutions in their S-1 documents. For the Bitwise Hybrid ETF, ensuring the transparency and execution efficiency of its dynamic asset allocation process will also be key to the SEC's review.

In Conclusion

The SEC's latest actions regarding Solana and hybrid crypto ETFs signify that the U.S. crypto asset investment market is moving towards a more diversified and mature stage. The potential approval of the Solana ETF will further confirm its status as a mainstream investment product. Meanwhile, the advancement of the Bitwise Hybrid ETF provides the market with innovative options beyond single-asset investments.

In this rapidly evolving environment, investors need to closely monitor the final regulatory decisions and remain cautious about short-term market fluctuations. A more open and diversified crypto ETF market seems to be just around the corner.

This article represents the author's personal views and does not reflect the stance or views of this platform. This article is for informational sharing only and does not constitute any investment advice to anyone.

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