Cboe BZX Resubmits Applications for Four Asset Managers Pursuing Solana ETF Registration in the United States

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.

This action follows the Securities and Exchange Commission’s (SEC) rejection of their previous submissions 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 updated applications arrive as the SEC, now under acting Chair Mark Uyeda, takes on a more crypto-friendly approach.

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, such as XRP, Litecoin, and Dogecoin, have also been the focus of ETF applications, with issuers exploring the SEC’s readiness to expand crypto-based investment products.

Bloomberg ETF analyst Eric Balchunas has indicated that a Litecoin ETF could be the next to gain regulatory approval, as these 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 submit an application for a Solana ETF in June 2023, followed by 21Shares, Canary Capital, Bitwise, and Grayscale.

The SEC’s evolving approach under the new administration, along with the reversal of previous crypto-related policies, suggests a potential opening for greater institutional adoption of digital assets.

Commissioner Hester Peirce now leads a newly established crypto task force aimed at creating a structured framework for digital asset regulation.

Tuttle Capital Seeks Approval for Ten Crypto Leveraged ETFs

Recently, Tuttle Capital Management submitted applications for ten cryptocurrency-based leveraged ETFs, including funds linked to popular meme coins.

Analysts believe these filings are part of a broader strategy to test the limits 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 boundaries of what this SEC is willing to allow,” Seyffart noted in a post on X (formerly Twitter).

To be very clear here. This is a case of issuers testing the boundaries of what this SEC is going to allow. I’m expecting the new crypto task force (led by @HesterPeirce) to likely be the lynchpin in determining what’s going to be allowed vs what isn’t

— James Seyffart (@JSeyff) January 27, 2025

He added that the SEC’s response will likely be influenced by its newly formed crypto task force, led by Commissioner Hester Peirce.

Known for her pro-crypto stance, Peirce is anticipated to play a crucial role in determining which ETFs may receive approval.

On January 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 following 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 grow.

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