SEC delays Solana and Litecoin ETFs as Dogecoin and BlackRock proposals enter public comment

May 13, 2025 Adam Forsyth

Key Takeaways

The SEC delayed its decision on Grayscale’s Solana ETF to assess compliance with investor protection and market integrity standards.
Public comment periods have opened for BlackRock’s Bitcoin ETF redemption model and the 21Shares Dogecoin ETF.

The US Securities and Exchange Commission delayed its decision on Grayscale’s Solana ETF today, while opening public comment periods for BlackRock’s Bitcoin ETF redemption model and the 21Shares Dogecoin ETF.

The SEC extended its review of the Grayscale Solana Trust to evaluate whether the listing meets investor protection standards and market integrity requirements. If approved, the trust would hold SOL and trade on NYSE Arca.

It also delayed a decision on the Grayscale Litecoin Trust, instituting proceedings to further assess whether the listing aligns with requirements under the Securities Exchange Act. Both Solana and Litecoin filings now face extended timelines as the agency continues its review.

Meanwhile, Nasdaq’s filing to amend BlackRock’s iShares Bitcoin Trust is now open for public comment.

The proposed change would allow the fund to support in-kind redemptions, meaning authorized participants could create or redeem shares using Bitcoin directly rather than cash. The SEC initially approved the fund in January with a cash-only redemption mechanism.

The 21Shares Dogecoin ETF has also entered its public comment phase following a filing to list under Nasdaq Rule 5711(d), which covers commodity-based trust shares.

The ETF plans to track DOGE prices using a CF Benchmarks index and aims to provide Dogecoin exposure through traditional brokerage accounts.

The SEC’s recent actions come as the agency reassesses crypto product listings under new Chair Paul Atkins. The commission has dismissed several enforcement cases and increased public engagement through crypto-focused roundtables since President Trump took office.