Solana ETF Race Heats Up as Cboe BZX Resubmits Key Filings

The race to launch a Solana-based spot exchange-traded fund (ETF) has gained momentum with fresh filings from Cboe BZX. The exchange has refiled 19b-4 applications for Solana ETFs from Bitwise, VanEck, 21Shares, and Canary Capital. These applications put Solana ETFs back before the Securities and Exchange Commission (SEC) for review.

Solana ETF Approval Race Gains Momentum

A 19b-4 filing allows exchanges to seek approval for new financial products, including crypto-backed ETFs. The SEC will now assess whether these Solana ETFs comply with securities laws and investor protection measures. If approved, Solana ETFs would be available for trading on traditional stock exchanges, expanding institutional access to the cryptocurrency market.

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

Previous attempts to launch a Solana ETF faced regulatory roadblocks, with the SEC rejecting applications late last year. Exchanges can revise and resubmit applications to address regulators’ concerns. This iterative process mirrors the journey of Bitcoin ETFs, which underwent multiple rounds of rejection before securing approval.

Cboe BZX’s latest filings arrive amid a shifting regulatory environment under the Trump administration. Industry insiders suggest that the SEC had paused new crypto ETF applications until Donald Trump assumed office. With SEC Acting Chair Mark Uyeda, known for a more crypto-friendly stance, overseeing the agency, expectations for ETF approvals are rising.

Market analysts believe the new leadership increases the chances of approval for a Solana ETF. However, the SEC’s timeline for reviewing and deciding on these applications remains uncertain. The pace of approvals will depend on the commission’s willingness to expand access to crypto-backed investment products.

Crypto ETFs Surge as Solana Awaits Approval

SOL ETFs are part of a broader push to introduce more crypto investment vehicles in traditional markets. Issuers have also filed for spot XRP, Litecoin, and Dogecoin ETFs to expand their crypto offerings. Bitwise, for example, submitted an S-1 filing for a Dogecoin ETF earlier today.

The success of Bitcoin and Ethereum ETFs demonstrates a strong demand for crypto investment products. Spot Bitcoin ETFs have attracted billions in capital since gaining SEC approval, with Ethereum following closely. Solana and other altcoins are next in line, waiting to see if regulators will approve their entry into the market.

Polymarket bettors estimate a 57% chance of Solana ETF approval by July 31. Bloomberg analyst Eric Balchunas has suggested that Litecoin could be next for consideration. With the SEC reassessing new filings, investors are watching closely to see how the agency moves forward with crypto ETFs.

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