Yigit Taha OZTURK 
Bitwise, VanEck, 21Shares, and Canary Capital have submitted their S-1 registration filings to list spot Solana ETFs. On the same day, the Cboe BZX Exchange filed four 19b-4 applications to list the Solana ETFs after SEC Chairman Gary Gensler announced his resignation. If approved, the ETFs would be traded on the Chicago Board Options Exchange (CBOE)’s BZX Exchange.
The 19b-4 filings inform the SEC of a proposed rule change by a self-regulatory organization like a financial regulatory body or stock exchange. These filings are different from the S-1 registration statements that VanEck and 21Shares submitted earlier in June and Canary Capital filed in late October.
On November 20, Bitwise registered a statutory trust for its Solana ETF in Delaware, signaling its intent to seek regulatory approval. The company then filed its S-1 registration statement on November 21.
This move came as Gary Gensler announced he would resign on the same day Donald Trump was set to begin his presidency. Though Gensler was expected to serve until 2026, his voluntary resignation aligns with Trump’s promise to fire Gensler on “Day 1” of his presidency.
Expectations for a Friendlier Regulatory Environment
Many industry experts are now expecting a more favorable regulatory environment under Trump’s leadership. With a new SEC administration and clearer regulations, the debate over Solana’s potential classification as a security may become less of a concern.
21Shares emphasized that they believe Solana’s native token, SOL, qualifies as a commodity eligible for ETF inclusion, as no court has classified SOL as a security.
Meanwhile, filings for spot XRP and Litecoin ETFs have also been made, with Franklin Templeton applying for a crypto index ETF. However, the SEC has delayed its decision until January 2025.
Solana’s Performance Sparks Interest
Solana has been one of the top performers in the current bull cycle, rising over 2,500% to $254.71, just 1.2% off its all-time high of $259.96. Although analysts expect limited inflows into Solana ETFs compared to Bitcoin and Ethereum, Solana’s strong performance has attracted significant attention.
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