After the 2024 Setback, Cboe BZX Renews Its Solana ETF Applications
On January 28, 2025, the Cboe BZX exchange filed new ETF applications focused on Solana for Bitwise, VanEck, 21Shares, and Canary Capital. After a crushing failure in 2024, these initiatives aim to revive the SEC’s review, marking a significant step forward for crypto adoption in traditional financial markets.
Cboe BZX files new Solana ETF applications!
The new applications, submitted in the form of 19b-4 filings, aim to restart the SEC review process under the leadership of its new interim president, Mark Uyeda, known for his more favorable stance towards cryptocurrencies. If approved, Solana could become the third crypto to benefit from a spot ETF in the United States, following Bitcoin and Ethereum. The latter were introduced last year and recorded over $41 billion in cumulative inflows.
Crypto analysts believe that the approval of a Solana ETF could attract between $3 and $6 billion in net assets during the first year. This optimistic forecast is supported by users of the decentralized betting platform Polymarket, who estimate the chances of approval for a Solana ETF at 86% in 2025.
Moreover, asset managers are also testing other crypto products that might get SEC approval. Notably, ETFs based on Litecoin (LTC), XRP, and even Dogecoin, for which Bitwise recently filed for an ETF.
A regulator favorable to crypto
The SEC’s decision to revoke the accounting rule SAB 121, which required U.S. companies holding crypto on behalf of their clients to register it as liabilities, has also boosted asset managers’ confidence. Additionally, the establishment of a task force dedicated to digital assets, led by Commissioner Hester Peirce, has encouraged managers to file new cryptocurrency-based ETF applications.
The new Solana ETF applications filed by the Cboe BZX exchange on behalf of Bitwise, VanEck, 21Shares, and Canary Capital reflect an evolving regulatory environment in the United States. If approved, these ETFs could pave the way for broader crypto adoption.
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Le monde évolue et l'adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto à la base, je m'intéresse à tout ce qui touche de près ou de loin à la blockchain et ses dérivés. Dans l'optique de partager mon expérience et de faire connaître un domaine qui me passionne, rien de mieux que de rédiger des articles informatifs et décontractés à la fois.
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