Attention to the three key dates in October.Attention to the three key dates in October.

SEC postpones to October 2025 the decisions on three key crypto ETFs: Truth Social, Solana, and XRP

sec etf truth social xrp solana

The SEC has ordered a postponement on the evaluations of three dossiers awaited by the market: the Truth Social Bitcoin & Ethereum ETF on NYSE Arca, the first spot ETFs on Solana by 21Shares and Bitwise on Cboe BZX, and the 21Shares Core XRP Trust. In this context, the new calendar focuses in the same month on the most sensitive cases for altcoin in the United States, with the spotlight on operational mechanisms, custody, and market risks.

According to the data collected from the analysis of SEC filings and issuers’ prospectuses, procedural extensions have been a constant for crypto dossiers in 2024–2025, especially when questions arise about market surveillance and custody. Industry analysts note that the concentration of deadlines in the same month can amplify the reactivity of flows and volumes on existing spot ETFs.

For regulatory insights and issuer data, please refer to the official sources: SEC — SRO Rule Filings and to the issuer profile for the predominant ETF in the US market: BlackRock — iShares Bitcoin Trust (IBIT).

The new SEC deadlines: October 2025 calendar

Truth Social Bitcoin & Ethereum ETF (NYSE Arca) — October 8, 2025

  • New date: October 8, 2025.
  • Structure: trust on Bitcoin and Ether with direct holding of the assets.
  • Status: evaluation further extended within the standard procedures for changes to listing rules (Exchange Act, sec. 19(b)(1) and 19(b)(2)).

Solana ETF (21Shares and Bitwise, Cboe BZX) — October 16, 2025

  • New date: October 16, 2025.
  • Relevance: if approved, they would be the first spot ETFs on SOL in the USA.
  • Regulatory focus: market surveillance, quality of benchmark indices, and reliability of custody.

21Shares Core XRP Trust — October 19, 2025

  • New date: October 19, 2025.
  • Process: initial application with subsequent amendments; a 60-day extension granted for analysis.
  • Key points: liquidity of the underlying, transparency on creation units, consistency with previous spot approvals.

Why the SEC postpones the new crypto ETFs: what the authority evaluates

Extensions fall within ordinary practice. The SEC can extend the time up to the limit provided for proposals to amend listing rules (SRO filings) to gather comments, examine market risks, and evaluate creation/redemption mechanisms and custody of assets.

An interesting aspect is Bitwise’s request to expand creations and redemptions in-kind for ETFs on Bitcoin and Ether, meaning the exchange directly in underlying assets instead of cash. It should be noted that a decision on these profiles is expected in autumn 2025.

Market impact: possible effects before October

  • Concentration of flows: likely focus on spot ETFs already listed on BTC and ETH in the absence of new launches on SOL and XRP.
  • Operational efficiency: clarifications on in-kind processes could reduce arbitrage costs and improve replication.
  • Event volatility: the windows of October 8, 16, and 19 create a “clustering” of potentially market-moving news.
  • Regulatory paradox: altcoin waiting while funds on BTC/ETH continue to consolidate AUM and liquidity.

Data and context: where we are with Bitcoin and Ether ETFs

The US market for spot ETFs on Bitcoin and Ether now appears mature, with multiple issuers and strong competition on fees and spreads. BlackRock’s iShares Bitcoin Trust is the benchmark fund and, according to the issuer profile, manages over 87.7 billion dollars in assets, a figure that impacts the market depth and flows of the entire sector.

Synthetic Timeline

  • October 8, 2025 — Truth Social Bitcoin & Ethereum ETF (NYSE Arca): new deadline for the decision.
  • October 16, 2025 — Spot ETF on Solana (21Shares and Bitwise, Cboe BZX): new deadline for the verdict.
  • October 19, 2025 — 21Shares Core XRP Trust: deadline for the extended review.

What to monitor in the coming weeks

  • Official SEC communications and collection of public comments on filings.
  • Outcomes on the in-kind mechanisms for BTC/ETH ETFs and possible effects on costs.
  • Flows and volumes of ETFs already listed on Bitcoin and Ether in view of October (monitor AUM data and daily turnover).
  • Possible amendments or documentary updates by the issuers.

Quick FAQ

Do extensions anticipate a rejection?

No. They indicate that the SEC is taking all the available time for technical-legal analysis, without prejudicing the final outcome.

What does creation/redemption in-kind mean?

It is the exchange of ETF shares with the basket of underlying assets (for example BTC or ETH) instead of cash. It can promote tax efficiency and tracking, but requires stringent controls on custody and compliance.

Are the October 2025 dates final?

These are the new procedural deadlines. By these dates, the SEC can approve, reject, or initiate further steps provided by the regulations.

What steps remain for a possible approval?

Evaluation of market surveillance, custody, creation/redemption mechanisms, benchmark index, and transparency on costs and risks.

Sources and documents

  • SEC — SRO Rule Filings: overview of the proposed amendments to the listing rules of the US exchanges. Link: sec.gov/rules/sro.shtml.
  • SEC — EDGAR: search engine for filed documents (prospectus, trust, amendments). Link: sec.gov/edgar/searchedgar/companysearch.
  • BlackRock — iShares Bitcoin Trust (IBIT): issuer profile and fact sheet. Link: blackrock.com.
  • FinanceFeeds — postponement Truth Social: financefeeds.com.
  • The Block — postponement of Solana ETF: theblock.co.
  • CoinPedia — postponement of XRP ETF: coinpedia.org.

Note: the official proceeding numbers (e.g., SR-NYSEArca-2025-40 or SR-CboeBZX-2025-32) can be found through the SEC links provided above.

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