YEREVAN (CoinChapter.com) — Cboe BZX Exchange has resubmitted applications for spot Solana ETFs on behalf of Bitwise, VanEck, 21Shares, and Canary Capital after the Securities and Exchange Commission (SEC) rejected them last year. The 19b-4 filings were submitted on Jan. 28, restarting the SEC’s review process under acting chair Mark Uyeda.
The new filings position Solana (SOL) as a potential third cryptocurrency to receive a spot ETF listing on U.S. stock exchanges, following Bitcoin (BTC) and Ethereum (ETH). The SEC’s approach under Uyeda is expected to shape the outcome of these applications.
Spot Solana ETF Filings from Multiple Asset Managers
VanEck was the first to submit a spot Solana ETF application on June 27, followed by 21Shares on June 28 and Canary Capital in October.
Bitwise and Grayscale filed their own applications after Donald Trump’s election win in November.
Financial analysts are monitoring the SEC’s response to these filings. JPMorgan estimated that a spot Solana ETF could attract between $3 billion and $6 billion in net assets during its first year. Bloomberg ETF analyst Eric Balchunas stated that this estimate was within a reasonable range.
SEC Reviews Additional Crypto ETF Applications
The SEC is also considering applications for spot XRP ETFs, Litecoin ETFs, and Dogecoin ETFs. Some analysts suggest that a Litecoin ETF could be among the next approvals, as applications for the product are already under active review.
In March 2022, the U.S. Securities and Exchange Commission (SEC) issued Staff Accounting Bulletin No. 121 (SAB 121), which required financial institutions holding cryptocurrencies for clients to record these assets as liabilities on their balance sheets. Primarily, this directive aimed to address potential risks associated with safeguarding digital assets. However, it faced criticism for making it more challenging for banks and financial firms to offer crypto custody services.
Notably, on January 23, 2025, the SEC rescinded SAB 121, signaling a shift in its approach to crypto regulation. This decision was welcomed by industry participants and lawmakers who believed the rule hindered financial innovation. SEC Commissioner Hester Peirce, leading the agency’s crypto task force, expressed her approval by stating,
SEC Crypto Task Force and Market Oversight
The SEC has formed a crypto task force to establish a framework for digital asset regulations. SEC Commissioner Hester Peirce is leading the initiative, focusing on the regulatory structure for spot crypto ETFs and other financial products.
The Solana price showed a slight upward movement following the news of the Cboe BZX re-filing for Solana ETFs, reaching $231.25. Above all, the outcome of the spot Solana ETF filings will depend on the SEC’s evolving stance on crypto-related financial products, with asset managers awaiting further regulatory updates.
