In a renewed push for spot Solana (SOL) exchange-traded funds (ETFs), the Cboe BZX Exchange has refiled applications for four firms seeking regulatory approval. The filings, submitted under the U.S. Securities and Exchange Commission’s (SEC) 19b-4 process, include proposals for the VanEck Solana Trust, Canary Solana Trust, Bitwise Solana ETF, and 21Shares Core Solana ETF. This development marks a fresh attempt to secure regulatory clearance after previous applications were rejected in 2024.
UPDATE: @CBOE just re-filed all of their Solana ETF 19b-4s for @vaneck_us, @CanaryFunds, @BitwiseInvest & @21Shares pic.twitter.com/CUogAWBl6u
— James Seyffart (@JSeyff) January 28, 2025
Regulatory Process and Challenges
The resubmission initiates a new regulatory review process, with the SEC expected to acknowledge the filings before triggering a more structured evaluation timeline. The SEC will have up to 45 days to respond, with the possibility of extending the review period to 240 days. A key hurdle remains the SEC’s classification of Solana—unlike Bitcoin and Ethereum, which have been categorized as commodities, SOL’s status remains uncertain due to its governance model and network structure.
The renewed interest in Solana ETFs follows a broader push for cryptocurrency investment vehicles. Alongside SOL ETFs, Tuttle Capital Management has submitted 10 applications for leveraged crypto ETFs, including one based on Solana. Additionally, Cboe has also filed 19b-4 applications to list Bitcoin and Ethereum ETFs, reflecting the growing demand for regulated digital asset investment products.
Changing Regulatory Climate
The SEC’s stance on crypto ETFs has been evolving, particularly under the Trump administration’s more pro-crypto posture. Some analysts believe the shifting regulatory environment and increased institutional adoption of blockchain technology may improve the chances of approval for Solana ETFs in 2025.
Canada Leads the Way in Solana ETF Adoption
While the U.S. regulatory process is ongoing, Canada has made significant strides in launching crypto ETFs. Purpose Investments, known for introducing the first Bitcoin and Ethereum ETFs, has submitted a draft proposal for the Purpose Solana ETF. This move underscores the growing institutional interest in Solana and highlights the contrast between the Canadian and U.S. regulatory approaches.
Also Read: Solana Jumps Over 7%, Nears $240: Will Bullish Momentum Drive It to $300 in 2025?
As the SEC deliberates, the outcome of these filings could have a profound impact on the future of Solana ETFs and the broader cryptocurrency market.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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