Cboe BZX Exchange Inc. Filings for Solana ETFs

Cboe BZX Exchange Inc. has filed new documents for various firms aiming to establish a Solana exchange-traded fund (ETF). On Tuesday, the exchange submitted 19b-4 filings for:

• Canary Solana Trust
• Bitwise Solana ETF
• 21Shares Core Solana ETF
• VanEck Solana Trust

A 19b-4 filing is a document submitted by exchanges on behalf of issuers. Once submitted and acknowledged by the U.S. Securities and Exchange Commission (SEC), it initiates the approval process once published in the Federal Register.

Previous applications for these ETFs were denied last year. An anonymous potential issuer mentioned that “all of them were pulled at the request of the SEC,” according to reports by The Block.

There is optimism that a Solana ETF might be approved in 2025, especially considering the current administration’s more favorable approach to cryptocurrency. During the last administration, under SEC Chair Gary Gensler, the agency approved Bitcoin ETFs in January 2024, followed by Ethereum ETFs later that year.

A significant obstacle for a Solana ETF will be its classification as either a commodity or a security, which may affect how the agency views it compared to Bitcoin and Ethereum.