Overview of SEC ETF Extension
The US Securities and Exchange Commission (SEC) filed notices on August 18 extending review periods for three prominent crypto exchange-traded fund proposals into October 2025. These extensions cover Arca’s Truth Social Bitcoin and Ethereum ETF, scheduled for an Oct. 8 decision; 21Shares and Bitwise’s spot Solana ETFs, due Oct. 16; and the 21Shares Core XRP Trust, slated for Oct. 19.
Details of the Truth Social ETF
Arca’s Truth Social Bitcoin and Ethereum ETF, submitted on June 24, is structured as a commodity-based trust that holds Bitcoin (BTC) and Ether (ETH) directly. This ETF issues shares backed one-to-one by the underlying cryptocurrencies and is trademarked under the Truth Social brand. Despite its branding, the fund’s mechanics mirror those of existing spot Bitcoin and Ether ETFs, relying on direct custody of digital assets by a qualified custodian.
Solana ETF Applications
Cboe BZX Exchange petitions include spot Solana products from 21Shares and Bitwise, each seeking to provide investors exposure to Solana (SOL) price movements. These filings require additional review time, leading the SEC to allocate a full 60-day extension. If approved, these spot Solana ETFs would represent a first-of-its-kind offering in the US market, broadening the scope beyond Bitcoin and Ether.
21Shares Core XRP Trust
21Shares’ Core XRP Trust aims to hold XRP and track its market value. Originally filed in February, the proposal faced a 180-day deadline before extension, with the SEC granting an additional 60 days. The ETF structure is designed to mirror the price action of XRP, providing regulated institutional access to this altcoin.
SEC’s Extension Practice
SEC extensions for ETF reviews are routine, as the agency routinely takes the maximum time allowed under Section 19(b)(2) of the Securities Exchange Act. Bloomberg analyst James Seyffart noted that the commission “almost always” uses the full extension window for 19b-4 filings, making early decisions rare. This process ensures thorough vetting of operational, custody and investor-protection matters.
Market Implications
These extensions push decisions into October, a month that could be pivotal for US spot crypto ETF approvals. Investors will monitor these deadlines closely, as approvals would mark significant milestones in crypto product regulation and institutional adoption.
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