The Cboe BZX Exchange has filed four 19b-4 proposals on behalf of major asset managers—Bitwise, VanEck, 21Shares, and Canary Capital—to list spot Solana ETFs (exchange-traded funds).
These filings, submitted on November 21, mark a significant moment for Solana as it continues to solidify its position in the crypto landscape. If approved, these ETFs will trade on Cboe’s U.S.-based BZX Exchange.
Previous S-1 Registrations
The filings come on the heels of S-1 registrations from VanEck and 21Shares earlier this year, with Canary Capital filing theirs in late October and Bitwise joining the race in November. Bitwise, in particular, demonstrated its intent with the recent establishment of a statutory trust in Delaware.
The timing of these filings coincides with the announcement of SEC Chair Gary Gensler’s resignation, set for January. Known for his stringent stance on cryptocurrencies, Gensler’s departure could mark the beginning of a friendlier regulatory environment for digital assets. This change may accelerate the approval of spot crypto ETFs, opening the door for wider adoption of Solana and other cryptocurrencies.
Solana’s Rapid Growth
One of the key questions surrounding the proposed Solana ETFs is whether SOL, Solana’s native token, will continue to face scrutiny as a potential security. A 21Shares representative emphasized that no court has classified SOL as a security, reinforcing the argument for its inclusion in ETFs as a commodity.
Solana’s market performance adds weight to these proposals. Currently trading at $254.71, according to CoinGecko, Solana has gained over 2,500% this bull cycle and sits just 1.2% below its all-time high of $259.96. The token’s surging popularity reflects a growing interest among investors and its potential to attract significant inflows once the ETFs are approved.
While industry analysts anticipate smaller inflows into spot Solana ETFs compared to Bitcoin and Ether ETFs, the potential for sustained growth remains high. Solana’s strong performance this cycle, coupled with increasing interest from asset managers, could establish it as a cornerstone of future crypto investment products.
With new SEC leadership on the horizon, the approval of spot Solana ETFs could signal a shift in how regulators and investors approach the broader crypto market. Whether this marks the beginning of a transformative era for Solana and other altcoins depends on how quickly these regulatory changes take shape.
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