🌎 Solana ETF Approval Hopes Rekindled

Solana ETF Hopes Rekindled as Cboe BZX Refiles Applications

Cboe BZX has refiled applications for multiple asset managers to launch a Solana exchange-traded fund (ETF), reigniting hopes for a spot ETF approval. The move comes after the exchange submitted fresh 19b-4 filings for Solana ETFs from Bitwise, VanEck, 21Shares, and Canary Capital, putting the proposals back in front of the United States Securities and Exchange Commission (SEC) for consideration.

What is a 19b-4 Filing?

A 19b-4 filing is a request by an exchange to list a new product, in this case, a Solana ETF. This kicks off the SEC’s review process, where regulators assess whether the proposal meets securities laws and aligns with investor protection standards. Approval would pave the way for Solana ETFs to trade on traditional stock exchanges.

If the SEC rejects the proposal, exchanges can tweak and resubmit their applications to address regulatory concerns. This back-and-forth can go on for multiple rounds, as seen in the case of Bitcoin ETFs before they finally secured approval.

Regulatory Landscape Shifts

The latest filings arrive as the regulatory landscape shifts under the Trump administration, which has signaled a more pro-crypto stance. With SEC Acting Chair Mark Uyeda, known for his industry-friendly approach, overseeing the agency, expectations for crypto ETF approvals are rising.

Analyst Expectations

Analysts believe Solana ETFs stand a better chance under the new leadership, though it remains to be seen how quickly the SEC will move on pending applications. Meanwhile, spot Bitcoin and Ethereum ETFs have drawn in billions, proving that demand for crypto investment products is alive and well.

Crypto ETF Odds and Trends

Polymarket bettors put the odds of a Solana ETF approval by Jul. 31 at 57%. Bloomberg ETF analyst Eric Balchunas has previously speculated that Litecoin could be next in line. Issuers have also sought to expand their suite of crypto products with filings for spot XRP, Litecoin, and Dogecoin ETFs.

Key points to consider:

Solana ETFs have a 57% chance of approval by Jul. 31, according to Polymarket bettors.
LTC and DOGE ETFs are also in the pipeline, with issuers seeking to expand their crypto product offerings.
The SEC’s approval of Bitcoin and Ethereum ETFs has opened the floodgates for crypto investment products.
The regulatory landscape is shifting under the Trump administration, with a more pro-crypto stance expected.