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Ruholamin Haqshanas
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Ruholamin Haqshanas
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The Cboe BZX Exchange has refiled applications for four asset managers seeking approval to list a spot Solana exchange-traded fund (ETF) in the United States.
The move follows the Securities and Exchange Commission’s (SEC) rejection of their previous filings late last year.
On January 28, Cboe resubmitted 19b-4 filings on behalf of Bitwise, VanEck, 21Shares, and Canary Capital, effectively restarting the regulatory review process.
SEC Adopts a More Crypto-Friendly Stance
The revised applications come as the SEC, now under acting Chair Mark Uyeda, adopts a more crypto-friendly stance.
If approved, a Solana ETF would join Bitcoin and Ether as the only cryptocurrencies with spot ETF products available on U.S. stock exchanges.
Other digital assets, including XRP, Litecoin, and Dogecoin, have also been the subject of ETF applications, with issuers testing the SEC’s willingness to expand crypto-based investment products.
Bloomberg ETF analyst Eric Balchunas has suggested that a Litecoin ETF could be the next to receive regulatory approval, as those applications are reportedly under active review.
According to JPMorgan, a spot Solana ETF could attract between $3 billion and $6 billion in net assets within its first year.
VanEck was the first to file for a Solana ETF in June 2023, followed by 21Shares, Canary Capital, Bitwise, and Grayscale.
The SEC’s shifting approach under the new administration, including the reversal of past crypto-related policies, signals a potential opening for broader institutional adoption of digital assets.
Commissioner Hester Peirce now leads a newly formed crypto task force aimed at developing a structured framework for digital asset regulation.
Tuttle Capital Seeks Approval for Ten Crypto Leveraged ETFs
Just recently, Tuttle Capital Management filed applications for ten cryptocurrency-based leveraged ETFs, including funds tied to popular meme coins.
Analysts suggest the filings are part of a broader strategy to test the boundaries of an SEC under Trump-era crypto-friendly regulators.
The proposed ETFs include leveraged funds that aim to deliver twice the returns of their underlying assets, such as the meme coins Official Trump (TRUMP) and Melania Meme (MELANIA).
The filings also propose ETFs for major cryptocurrencies, including XRP, Solana (SOL), Litecoin (LTC), Chainlink (LINK), Cardano (ADA), Polkadot (DOT), BNP, and Bonk (BONK).
“This is a case of issuers testing the limits of what this SEC is going to allow,” Seyffart stated in a post on X (formerly Twitter).
He added that the SEC’s response will likely be shaped by its newly created crypto task force, led by Commissioner Hester Peirce.
Known for her pro-crypto stance, Peirce is expected to play a pivotal role in determining which ETFs might gain approval.
On Jan. 21, Osprey Funds and REX Shares filed regulatory plans to offer ETFs for meme coins, including DOGE, TRUMP, and BONK.
Additionally, Osprey Funds recently announced plans to convert its Osprey Bitcoin Trust (OBTC) into a spot Bitcoin ETF after a failed acquisition deal with Bitwise.
With 32 Bitcoin ETFs currently traded in the U.S.—11 of which are spot ETFs—the crypto ETF market continues to expand.
