Solana ETF Proposals Progress as SEC Decision Looms

VanEck and 21Shares are intensifying efforts to introduce Solana-focused ETFs (exchange-traded funds) in the US. The firms filed their proposals with the Chicago Board Options Exchange (Cboe) following earlier applications with the Securities and Exchange Commission (SEC).

Filing with the Cboe signals progress, as the exchange plays a crucial role in ensuring these ETFs meet regulatory and operational standards before market listing.

Solana ETF Momentum Grows Despite Challenges

VanEck and 21Shares, prominent asset management firms, have joined Bitwise and Canary Capital in filing for Solana ETFs on the Cboe BZX Exchange. Bloomberg ETF analyst James Seyffart confirmed the development in an early Friday post on X (formerly Twitter).

“In total CBOE just filed for 4 Solana ETFs. One for VanEck, 21Shares Canary Capital, and Bitwise. The ball is in SEC’s court now,” Seyffart noted.

It marks a significant development in cryptocurrency investment offerings, with the proposed ETFs classified as “commodity-based trust shares” under Rule 14.11 (e)(4). The filings now await the SEC’s formal acceptance.

Cboe’s move to list four Solana ETFs highlights its commitment to expanding cryptocurrency product offerings. The proposal aligns with the exchange’s efforts to integrate digital assets into traditional markets. With VanEck, 21Shares, Bitwise, and Canary Capital at the forefront, the introduction of Solana ETFs could enhance the blockchain’s visibility and adoption.

If successful, these filings could bolster Solana’s standing in the crypto ecosystem, potentially driving liquidity and influencing broader market trends. According to BeInCrypto data, Solana’s powering token is up by almost 10% amid ETF optimism. As of this writing, SOL was trading for $259.20

VanEck and 21Shares had previously filed applications for Solana ETFs with the SEC in June 2024, one after the other. These initial filings laid the groundwork for their recent Cboe applications, signaling a progression toward regulatory approval. Filing with the Cboe BZX Exchange represents a critical step as the exchange reviews compliance and operational standards before any potential listing.

Solana ETF Hopes Now Rest With US SEC

If the SEC formally accepts the proposals, a decision could come as early as August 2025. Approval would provide investors with new opportunities to access Solana-related assets through ETFs, potentially increasing the blockchain’s market influence.

“…if the SEC acknowledges it — will be around early August,” Seyffart added.

Meanwhile, Solana continues to draw attention to its speed and scalability as a high-performance blockchain. Major institutional interest from firms such as VanEck, 21Shares, Bitwise, and Canary Capital reflects growing confidence in its potential. Bitwise recently filed its S-1 registration form with the SEC, coming a day after the firm filed to establish a trust entity for the proposed fund in Delaware.

The resurgence of crypto enthusiasm, partly attributed to Donald Trump’s political comeback, has fueled optimism in the sector. The incoming Trump administration’s focus on deregulation has sparked hopes for a more favorable environment for cryptocurrency innovations, including ETFs.

While negotiations with the SEC are reportedly “progressing” and approval seems within reach, challenges remain. Earlier this year, forms related to Solana ETF filings briefly disappeared from the Cboe website, raising concerns about procedural or regulatory hurdles. However, the reappearance of these filings has reassured market watchers.

The SEC’s decision will likely set a precedent for future cryptocurrency-related ETFs. The approval process involves rigorous scrutiny to ensure investor protection and regulatory compliance. If granted, these ETFs could democratize access to Solana investments, appealing to institutional and retail investors alike.

Elsewhere, the securities regulator has postponed its decision on Franklin Templeton’s proposed crypto index ETF. The deadline was reportedly moved to January 6, 2025, with the SEC citing the need for additional review time.