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

Kelvin Munene Murithi
January 29, 2025
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VanEck's Solana ETF Listed on DTCC As US SEC Approval Odds Hits 91%

Highlights

  • Cboe refiles for four Solana ETFs under SEC’s 19b-4; aims for U.S. approval in 2025.
  • Canada leads with Purpose Solana ETF; U.S. still assessing regulatory fit.
  • Tuttle Capital proposes 10 crypto ETFs, including a leveraged Solana product.

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.

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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The applications were filed in 2024 and withdrawn at the SEC’s request, according to one of the issuers involved in the filings.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.

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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.

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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.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.