The U.S. Securities and Exchange Commission (SEC) has once again pumped the brakes—this time on a high-profile proposal from Grayscale Investments to launch a Solana-based trust. While delays are par for the course in the crypto regulatory space, Solana’s investor community appears undeterred. In fact, key players seem to be doubling down, with whale accumulation on the rise and SOL eyeing the $180 mark.
SEC Stalls — But Not a Red Light (Yet)
On May 13, the SEC formally announced a delay in making a decision regarding a proposed rule change that would allow the Grayscale Solana Trust to be listed and traded as a commodity-based trust. The proposal has been under scrutiny for months, and the latest update confirms that the Commission will “institute proceedings” to further assess the legal and policy implications.
Sherry Haywood, Assistant Secretary at the SEC, clarified the agency’s position in a statement, saying that initiating proceedings “does not indicate that the commission has reached any conclusion with respect to any of the issues involved.” In other words, this isn’t a denial—it’s a deeper dive into the complexities at hand.
As part of the proceedings, the SEC has now opened the floor for public comment. Interested parties have 21 days to weigh in, while rebuttals to those comments can be submitted within 35 days. The process is deliberate and methodical—some might even say frustratingly so—but it reflects the SEC’s cautious approach toward approving crypto-linked financial products in the current regulatory climate.
Whales Aren’t Waiting
While the SEC deliberates, the Solana market is marching to its own beat. Despite the regulatory cloud, the asset has shown surprising resilience. At the time of writing, SOL is hovering near $180 and appears poised for a potential breakout. What’s driving the momentum? Look no further than the smart money.
Large holders—commonly known as whales—have been actively adding to their positions. Blockchain data shows that institutional and high-net-worth investors are snapping up sizable chunks of SOL, signaling long-term confidence in the network’s fundamentals.
Take Upexi, for example. The company recently added 326,347 SOL to its holdings at an average price of around $135. This move brings its total SOL stash to just under 600,000 coins. Similarly, SOL Strategies, another major player in the space, picked up 122,524 SOL earlier this month at an average price of $148 as part of a broader strategy to shore up its treasury.
These moves aren’t just financial plays—they’re votes of confidence in Solana’s technology. The network has made serious strides in recent months, particularly around scalability and throughput. With its capacity to handle high volumes of transactions, and with memecoins and NFTs continuing to draw user engagement, Solana is increasingly viewed as a viable competitor to Ethereum.
Regulatory Caution vs. Market Optimism
The SEC’s caution may be frustrating for investors hoping for faster ETF approvals, but the delay isn’t necessarily bearish for Solana. In fact, the token’s ability to shrug off regulatory headwinds is telling. Markets move on confidence, and right now, that confidence appears strong within the Solana ecosystem.
More importantly, the Grayscale Solana Trust proposal itself signals that institutional demand for SOL is very real. Regardless of whether this particular trust gets approved this quarter or next, the narrative is clear: Solana is on the radar, and serious investors are taking notice.
The Bottom Line
The SEC’s decision to delay isn’t surprising, nor is it final. Regulatory agencies often move cautiously when dealing with emerging technologies—especially those tied to volatile markets like crypto. What is surprising, however, is how unfazed the Solana market has been in the face of this delay.
Rather than backing off, large investors are leaning in. As regulatory conversations continue to unfold, Solana’s growing institutional appeal and active user base are keeping the price buoyant—and the community hopeful.
Whether or not the Grayscale Solana Trust gets the green light in the near term, SOL’s trajectory seems to be defined less by Washington’s indecision and more by its own adoption momentum.
