The U.S. Securities and Exchange Commission raised fresh concerns on Friday about two proposed exchange-traded funds (ETFs) tied to ether and solana, questioning whether the funds qualify as legal investment companies under federal law.

Meta shareholders have overwhelmingly voted against a proposal to explore bitcoin as a potential treasury asset, shutting down an initiative that would have required the company to assess the risks and benefits of holding the cryptocurrency.

Japan-based Metaplanet has purchased an additional 1,088 bitcoin for ¥16.89 billion ($117.5 million), lifting its total holdings to 8,888 BTC, the company said Monday. 

Top stories in the Crypto Roundup today:

• SEC Flags Legal Concerns Over Ethereum, Solana ETFs
• Meta Shareholders Oppose Proposal to Weigh Bitcoin Treasury Plan 
• Metaplanet Adds 1,088 More Bitcoin, Closing In on 10,000 BTC Treasury Target

SEC Flags Legal Concerns Over Ethereum, Solana ETFs With Staking Features

The U.S. Securities and Exchange Commission raised fresh concerns Friday about two proposed exchange-traded funds (ETFs) tied to ether and solana, questioning whether the funds qualify as legal investment companies under federal law.

In a letter to ETF Opportunities Trust, the legal issuer of the funds, the SEC said it has “unresolved questions” about whether the REX-Osprey ETH and SOL ETFs—both of which include crypto staking components—meet the requirements of the Investment Company Act of 1940. 

Under that law, a fund that invests primarily in securities or holds more than 40% of its assets in investment securities qualifies as an investment company.

Although the registration statements became effective on May 30, the ETFs haven’t launched or been listed on any exchange. The SEC also said the funds may have improperly filed using Form N-1A, which is reserved for compliant investment companies, and could fail to meet conditions for streamlined ETF approval under Rule 6c-11.

Meta Shareholders Oppose Proposal to Weigh Bitcoin Treasury Plan

Meta shareholders have overwhelmingly voted against a proposal to explore bitcoin as a potential treasury asset, shutting down an initiative that would have required the company to assess the risks and benefits of holding the cryptocurrency.

The proposal, submitted by Bitcoin advocate Ethan Peck, received just 3.92 million votes, around 0.08% of the nearly 5 billion votes cast, according to a May 28 regulatory filing. 

CEO Mark Zuckerberg, who holds 61% of Meta’s voting power, could have played a decisive role in rejecting the plan.

Peck, who leads bitcoin strategy at wealth management firm Strive, argued that Meta should consider bitcoin as a hedge against inflation, pointing to the company’s $72 billion in cash and equivalents. 

In his statement, he claimed that low bond yields and persistent inflation are eroding the value of Meta’s liquid assets.

The move mirrored similar proposals Peck made at Microsoft and Amazon on behalf of the National Center for Public Policy Research. Microsoft shareholders rejected the idea in December, while Amazon has yet to vote.

Metaplanet Adds 1,088 More Bitcoin, Closing In on 10,000 BTC Treasury Target

Japan-based Metaplanet has purchased an additional 1,088 bitcoin for ¥16.89 billion ($117.5 million), lifting its total holdings to 8,888 BTC, the company said Monday. 

The move edges Metaplanet closer to its year-end target of 10,000 BTC, bringing its total crypto reserves to an estimated $930 million at current prices. It bought this most recent batch at roughly $108,051 per bitcoin, reflecting the company's steady commitment to its treasury strategy. 

That strategy began in April 2024 and has since seen Metaplanet acquire 7,126 BTC in 2025 alone.

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