The Cboe BZX Exchange has resubmitted the applications for four Solana ETFs, seeking approval from the Securities and Exchange Commission (SEC) under the 19b-4 process. Among the proposals submitted are the VanEck Solana Trust, the Canary Solana Trust, the Bitwise Solana ETF, and the 21Shares Core Solana ETF.
Cboe BZX and the Solana ETF: the timing of the SEC
With the new request, the SEC now has up to 45 days to provide a preliminary response. However, the agency can extend the review period up to a maximum of 240 days.
This evaluation process will determine if the ETFs on Solana meet regulatory standards, which include investor protection and market surveillance.
The applications follow a previous rejection in 2024, when the SEC had asked the issuers to withdraw their proposals. With this new submission, the issuers hope to offer investors direct exposure to Solana, an asset increasingly considered in the
One of the main obstacles for Solana ETFs is regulatory uncertainty. Unlike Bitcoin and Ethereum, which have been classified as commodities by the Commodity Futures Trading Commission (CFTC), the SEC has not yet clarified whether Solana (SOL) is a commodity or a security. This ambiguity creates a context of greater regulatory difficulty for the approval of ETFs based on SOL.
In the case of Bitcoin and Ethereum, regulatory clarity led to the approval of their ETFs in 2024. For Solana, the SEC might require further clarification on its governance structure and its usage before making a definitive decision.
Expansion of the crypto ETF market
In addition to the requests for ETFs on Solana, other companies are also looking to expand their offering of crypto products.
Tuttle Capital Management has recently filed applications for 10 leveraged crypto ETFs, including one based on Solana. Bitwise Asset Management has also filed an application for a Dogecoin ETF, demonstrating a growing interest in the expansion of the bull and bear market for cryptocurrency ETFs.
Outside the United States, Canada is at the forefront in the regulation of crypto ETFs. Purpose Investments, already known for launching the first Bitcoin and Ethereum ETFs, has submitted an initial draft for the Purpose Solana ETF. This fund would allow investors direct exposure to Solana, without the regulatory restrictions that currently characterize the U.S. market.
Possibility of approval for Solana ETFs in 2025
Analysts believe that the probabilities of approval for Solana ETFs may improve in 2025, especially if the SEC provides greater regulatory clarity on digital assets.
The growing adoption of Solana’s blockchain and the evolution of the regulatory landscape could play a key role in the decision-making process.
In the meantime, the market remains in anticipation of updates on the SEC’s decisions. The coming months will be crucial in determining the fate of Solana ETFs and their impact on the crypto sector.
