- 21Shares filed a Form 8-A, completing the final step before listing its Solana product on Cboe BZX.
- The SEC extended decisions on Bitwise and 21Shares Solana ETFs to October 16, 2025 for further review.
- VanEck revised its Solana ETF plan with a 0.30% fee, staking options, and a 5% liquidity buffer.
Regulatory action around Solana investment products has accelerated, with several issuers advancing filings and adjusting terms as the industry waits for final decisions from the U.S. Securities and Exchange Commission.
After market close, 21Shares filed a Form 8-A registration statement for its Solana product, marking the last step required before listing. The filing follows earlier proposals from 21Shares and Bitwise that remain under SEC review.
The agency has extended its timeline for both applications and set October 16, 2025, as the new deadline for a decision. Each firm seeks to list shares on the Cboe BZX Exchange through its Commodity-Based Trust Shares rule.
Extended Review Window for Bitwise and 21Shares
The SEC’s delay applies to two spot Solana ETF proposals that were filed earlier this year. According to the extension notice, the agency wants additional time to evaluate listing standards and oversight provisions.
Both Bitwise and 21Shares intend to trade their products on the Cboe BZX platform once approved. This decision comes as other crypto-linked products prepare for launch and as exchanges adjust to evolving requirements. Notably, the extension aligns both applications under the same October review date.
VanEck Revises Proposal With Lower Fee
While two proposals remain in review, VanEck has updated its own application for a separate Solana product, the Solana Staking ETF under ticker VSOL. The company reduced its management fee to 0.30 percent and outlined plans to include staking rewards where permitted by law.
The filing states that any delegation of SOL would go through regulated providers like Gemini or Coinbase Custody. It also details a five percent liquidity buffer designed to handle redemptions during volatile periods. The proposal lists Cboe BZX as the intended exchange and names regulated entities for custody.
Market Positioning and Investor Access
These coordinated developments show how issuers are preparing for potential approvals. Lower fees could make exposure more competitive against existing digital asset funds. Staking features, if cleared, would provide an additional yield component for investors through delegated holdings.
However, the updated filings stress that regulatory clearance remains essential. Some analysts expect decisions by mid-October 2025, based on current comment periods and procedural timelines.
Forecasts tied to those expectations mention possible price movement targets between $360 and $425, though that depends on approval and market conditions. In practical terms, issuers appear focused on retail and institutional access through traditional brokerage channels. The filings also emphasize regulated custody, which has become a priority for firms seeking broader participation.
