The Cboe BZX Change has refiled functions for 4 asset managers searching for approval to listing a spot Solana exchange-traded fund (ETF) in the US.
The transfer follows the Securities and Change Fee’s (SEC) rejection of their earlier filings late final 12 months.
On January 28, Cboe resubmitted 19b-4 filings on behalf of Bitwise, VanEck, 21Shares, and Canary Capital, successfully restarting the regulatory assessment course of.
SEC Adopts a Extra Crypto-Pleasant Stance
The revised functions come because the SEC, now beneath appearing Chair Mark Uyeda, adopts a extra crypto-friendly stance.
If accredited, a Solana ETF would be part of Bitcoin and Ether as the one cryptocurrencies with spot ETF merchandise accessible on U.S. inventory exchanges.
Different digital belongings, together with XRP, Litecoin, and Dogecoin, have additionally been the topic of ETF functions, with issuers testing the SEC’s willingness to broaden crypto-based funding merchandise.
Bloomberg ETF analyst Eric Balchunas has recommended {that a} Litecoin ETF might be the subsequent to obtain regulatory approval, as these functions are reportedly beneath energetic assessment.
In accordance with JPMorgan, a spot Solana ETF may appeal to between $3 billion and $6 billion in internet belongings inside its first 12 months.
VanEck was the primary to file for a Solana ETF in June 2023, adopted by 21Shares, Canary Capital, Bitwise, and Grayscale.
The SEC’s shifting method beneath the brand new administration, together with the reversal of previous crypto-related insurance policies, alerts a possible opening for broader institutional adoption of digital belongings.
Commissioner Hester Peirce now leads a newly fashioned crypto job power aimed toward creating a structured framework for digital asset regulation.
Tuttle Capital Seeks Approval for Ten Crypto Leveraged ETFs
Only recently, Tuttle Capital Administration filed functions for ten cryptocurrency-based leveraged ETFs, together with funds tied to common meme cash.
Analysts counsel the filings are a part of a broader technique to check the boundaries of an SEC beneath Trump-era crypto-friendly regulators.
The proposed ETFs embrace leveraged funds that purpose to ship twice the returns of their underlying belongings, such because the meme cash Official Trump (TRUMP) and Melania Meme (MELANIA).
The filings additionally suggest ETFs for main cryptocurrencies, together with XRP, Solana (SOL), Litecoin (LTC), Chainlink (LINK), Cardano (ADA), Polkadot (DOT), BNP, and Bonk (BONK).
“It is a case of issuers testing the bounds of what this SEC goes to permit,” Seyffart acknowledged in a publish on X (previously Twitter).
To be very clear right here. It is a case of issuers testing the bounds of what this SEC goes to permit. I'm anticipating the brand new crypto job power (led by @HesterPeirce) to possible be the lynchpin in figuring out what's gonna be allowed vs what isn't
— James Seyffart (@JSeyff) January 27, 2025
He added that the SEC’s response will possible be formed by its newly created crypto job power, led by Commissioner Hester Peirce.
Recognized for her pro-crypto stance, Peirce is anticipated to play a pivotal function in figuring out which ETFs would possibly achieve approval.
On Jan. 21, Osprey Funds and REX Shares filed regulatory plans to supply ETFs for meme cash, together with DOGE, TRUMP, and BONK.
Moreover, Osprey Funds lately introduced plans to transform its Osprey Bitcoin Belief (OBTC) right into a spot Bitcoin ETF after a failed acquisition take care of Bitwise.
With 32 Bitcoin ETFs at present traded within the U.S.—11 of that are spot ETFs—the crypto ETF market continues to broaden.
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