Cboe BZX Exchange has refiled applications for Solana exchange-traded funds (ETFs) on behalf of four asset managers after the Securities and Exchange Commission (SEC) rejected them last year.
Renewed Push for Solana ETFs
On January 28, Cboe BZX submitted updated 19b-4 filings for spot Solana ETFs from Bitwise, VanEck, 21Shares, and Canary Capital. These filings restart the SEC’s review process under the leadership of its new acting chair, Mark Uyeda, who is seen as more open to cryptocurrency-related products.
If approved, Solana could become the third cryptocurrency available via a spot ETF on US stock exchanges, following Bitcoin ETFs that launched last year.
Growing Interest in Crypto ETFs
Asset managers have also applied for spot ETFs tied to XRP, Litecoin, and Dogecoin. Analysts suggest issuers are testing how the SEC, now under a different administration, will handle crypto products. Bloomberg ETF analyst Eric Balchunas believes Litecoin could be the next cryptocurrency to receive approval, as its applications are already under active SEC review.
JPMorgan estimates that an approved spot Solana ETF could attract between $3 billion and $6 billion in net assets within its first year. Balchunas has called this projection a “reasonable guess.”
Timeline of Solana ETF Filings
VanEck was the first to file a 19b-4 application for a Solana ETF on June 27, followed by 21Shares on June 28 and Canary Capital in late October. Bitwise and Grayscale joined the race after Donald Trump’s election victory in November.
The SEC has already reversed some previous crypto-related policies enacted under former Chair Gary Gensler. One major reversal was scrapping a rule that required financial firms holding crypto to classify it as a liability on their balance sheets.
Additionally, the SEC recently formed a crypto task force focused on establishing regulatory frameworks for digital assets. This initiative is led by SEC Commissioner Hester Peirce, who has been vocal about supporting innovation in the crypto space.
