Breaking: Cboe Re-files Solana ETF 19b-4s for VanEck, Canary, Bitwise, & 21Shares

Cboe BZX Exchange has resubmitted applications for four firms aiming to launch a spot Solana ETF. The filings, submitted under the SEC’s 19b-4 process, include proposals for the VanEck Solana Trust, Canary Solana Trust, Bitwise Solana ETF, and 21Shares Core Solana ETF.

The new filings aim to restart the regulatory process after prior applications for these Solana ETFs were rejected in 2024.

Cboe Re Files New Applications for Spot Solana ETFs

As of January 28, 2025, Cboe BZX Exchange has filed new applications for four Solana ETFs under the 19b-4 rules of the SEC. The proposals are aimed at the introduction of Solana-based exchange-traded funds which will give investors a direct way to invest in SOL.

The applications were filed in 2024 and withdrawn at the SEC’s request, according to one of the issuers involved in the filings. After the SEC acknowledging the initial filing, a more strict timeline for the regulatory approval will commence after the publication in the Federal Register. This comes as the next phase of considering whether SOL ETFs will be authorized in the United States.

However, SOL ETFs are not the only innovation within the crypto ETF space as other filings have also been made. Tuttle Capital Management has submitted 10 applications to the SEC for leveraged crypto ETFs including one on SOL. This move comes after, Cboe BZX Exchange submitted a 19b-4 application to the SEC on proposals to list Bitcoin and Ethereum ETFs.

Key Regulatory Challenges for SOL ETFs

Spot SOL ETFs are currently subject to challenges arising from the SEC’s categorization of SOL as a commodity or a security. The agency has always been inclined to class Bitcoin and Ethereum as commodities thus allowing for the approval of Bitcoin and Ethereum ETFs in 2024. 

Solana is still likely to be scrutinized because of its governance model and the purpose it serves unlike Bitcoin and Ethereum. At the same time, Bitwise Asset Management has applied for a Dogecoin ETF in a bid to diversify its offering of crypto products. 

The pro-crypto postures taken by the SEC under the Trump administration have prompted issuers to resubmit their applications. According to some market analysts, these filings may have better chances of being approved in 2025 due to the changing regulatory environment and increasing use of blockchain technology.

Canada’s Progress with Solana ETFs

While the US is still in the process of its review, Canada has already made some milestones on the adoption of SOL ETFs. Purpose Investments, which introduced the first Bitcoin and Ether ETFs in the global market, has submitted an early draft of the Purpose Solana ETF.

The Purpose SOL ETF will be focused on Solana, giving investors a direct access to the blockchain. “We are focused on bringing these innovations to the investors,” said Som Seif, the Chief Executive Officer of Purpose Investments. The firm plans to do so as there is increasing demand for decentralized finance.

This development in Canada highlights a contrast with the regulatory environment in the U.S., where Solana ETFs are still under review.

Subsequently, the SEC has up to 45 days to respond after acknowledging the 19b-4 filings, with the option to extend the review period to 240 days. This timeline gives the agency ample time to assess whether SOL ETFs meet regulatory requirements, including investor protections and market surveillance measures.