Renewed Solana ETF Filings Reflect Evolving Crypto Regulatory Landscape

• Cboe BZX Exchange has resubmitted spot Solana ETFs with the SEC for four other asset managers.
• The refiling happens at a time when there is a much more positive attitude towards cryptocurrencies under the current US administration.
• The approval of these ETFs will create a chance to increase the use of cryptocurrencies since it offers investors a way to invest in cryptocurrencies that are regulated.

On January 28, 2025, Cboe BZX Exchange submitted new 19b-4 applications to the U.S. Securities and Exchange Commission (SEC) for spot Solana ETFs for Bitwise, VanEck, 21Shares, and Canary Capital. These filings are to list new financial derivatives that will allow investors to gain exposure to Solana (SOL) without actually holding the cryptocurrency. 

Previous Setbacks and Renewed Optimism

This is Cboe BZX’s second effort to get the nod from the SEC to launch the Solana ETF having been earlier rejected in December 2024. The initial applications were declined amid a broader regulatory pause on new crypto ETF proposals. 

The refiling coincides with a changing regulatory landscape under President Donald Trump’s administration, which has signaled a more crypto-friendly stance. The SEC, now led by Acting Chair Mark Uyeda, known for his industry-friendly approach, is anticipated to be more receptive to cryptocurrency-based financial products. 

Market Implications and Investor Interest

The approval of Solana ETFs would enable traditional investors to gain exposure to the cryptocurrency market through regulated channels, potentially increasing mainstream adoption. The success of spot Bitcoin and Ethereum ETFs, which have attracted significant investments, indicates strong market demand for crypto-related financial products. 

As the SEC reviews these renewed applications, the financial industry is closely monitoring the potential approval of Solana ETFs, which could further integrate cryptocurrencies into traditional investment portfolios.