Crypto wrap: SEC postpones Solana ETFs decision, GameStop adds more Bitcoin
0
0
The crypto market finds itself at a pivotal crossroads as regulatory and corporate developments fuel a fresh wave of optimism across digital assets.
The US Securities and Exchange Commission (SEC) has postponed its official decision on the Solana ETFs pending revisions.
At the same time, GameStop has stunned markets by announcing a new Bitcoin purchase, doubling down on its digital asset strategy amid a broader financial turnaround.
These events have injected momentum into the market, reinforcing expectations of a strong altseason in 2025.
SEC has requested revisions in Solana ETF filings
In a critical move that could influence the trajectory of Solana’s price, the SEC has asked asset managers seeking to launch spot Solana ETFs to revise their S-1 forms within the coming week.
This request does not signal rejection, but rather suggests the regulatory body is actively engaged in preparing for a potential approval process.
According to insiders, the SEC intends to provide feedback on the updated S-1 filings within the next 30 days, keeping the market hopeful for a July green light.
Eric Balchumans, a Senior ETF Analyst for Bloomberg, has indicated that we could have a potential altcoin ETF summer with Solana being the first to get the approval.
The revisions requested involve clarifications on in-kind redemptions and how issuers plan to handle staking, two factors seen as crucial in establishing robust operational and compliance frameworks.
The SEC’s proactive stance reflects a broader shift toward clearer digital asset regulation, encouraging a wave of institutional players to re-enter the crypto sector.
Polymarket bets on approval of the Solana ETFs before year-end
Following the SEC’s latest move, prediction market Polymarket, which was recently picked by X as its prediction market maker, now reflects a 91% probability of a spot Solana ETF being approved before the end of 2025.
This rising optimism has fueled bullish sentiment around Solana, with analysts forecasting a breakout past the consolidation zone.
SOL has already surged over 5% following the news, trading around $164 in the mid-North American session, indicating a strong market reaction.
With a market cap nearing $100 billion and trading volume hovering at $4.2 billion, Solana appears poised to challenge the $200 resistance level as early as this month.
Market analysts such as Ali Martinez believe a parabolic rally could be imminent, especially if it breaks out of the cup and handle pattern on the weekly chart as institutional wallets continue accumulating SOL aggressively.
GameStop surprises with another Bitcoin acquisition
As the SEC postpones the decision on Solana ETF filings, GameStop has made headlines by disclosing another large-scale Bitcoin purchase, as it reported declining sales in its Q1 2025 earnings.
The gaming retailer revealed it had acquired 4,710 Bitcoins between May 3 and June 10, a move that aligns with its growing pivot toward digital assets.
Despite a 17% drop in net sales compared to last year, GameStop significantly reduced its operating loss to $10.8 million.
A $35.5 million impairment from restructuring impacted results, yet the company posted a surprising net income of $44.8 million, up from a $32.3 million loss last year.
After adjustments, the net income ballooned to $83.1 million, further underscoring the company’s improved financial footing and strategic shifts.
GameStop’s cash and liquid asset holdings have grown to $6.4 billion, a sharp rise from just $1 billion a year earlier, giving it ample room for further crypto-related investments.
The company also finalised the sale of its Canadian operations on May 4, signalling a broader international restructuring aimed at sharpening focus.
Crypto market sentiment has turned bullish across the board
Notably, these developments come at a time when market sentiment is rapidly shifting from cautious to bullish, largely driven by institutional confidence and regulatory engagement.
The majority of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA,) are in the green as the markets await the Fed meeting later this month.
And now with the Solana ETF discussions gaining momentum and GameStop reinforcing its crypto playbook, investors are paying closer attention to what could be the beginning of altseason 2025.
As the regulatory picture clears and capital inflows accelerate, the crypto market is setting the stage for what many believe could be its next major rally.
The post Crypto wrap: SEC postpones Solana ETFs decision, GameStop adds more Bitcoin appeared first on Invezz
0
0
Manage all your crypto, NFT and DeFi from one placeSecurely connect the portfolio you’re using to start.
