VanEck and 21Shares Double Down on Solana ETF Efforts, File Applications with Cboe

VanEck and 21Shares are intensifying efforts to introduce Solana-focused ETFs (exchange-traded funds) in the US. The firms filed their proposals with the Chicago Board Options Exchange (Cboe) following earlier applications with the Securities and Exchange Commission (SEC).

Asset management giants VanEck and 21Shares are ramping up efforts to introduce Solana-focused exchange-traded funds (ETFs) in the United States.

The firms filed their respective proposals with the Chicago Board Options Exchange (Cboe) following earlier applications with the Securities and Exchange Commission (SEC).

The Cboe filing marks progress in the efforts to launch these ETFs, as the exchange is responsible for ensuring they meet the necessary regulatory and operational standards before being listed on the market.

To this end, four Solana ETF proposals are now being considered by the Cboe BZX Exchange, with VanEck, 21Shares, Bitwise, and Canary Capital named in the filings. The filings were spotted by Bloomberg ETF analyst James Seyffart, who shared the news in an early Friday post on X (formerly Twitter).

“In total CBOE just filed for 4 Solana ETFs. One for VanEck, 21Shares Canary Capital, and Bitwise. The ball is in SEC’s court now,” Seyffart noted in his post.

These filings categorize the proposed ETFs as “commodity-based trust shares” in accordance with Rule 14.11 (e)(4) and now await formal acceptance by the SEC.

Cboe’s move to list four Solana ETFs highlights its commitment to expanding its cryptocurrency product offerings. The proposal aligns with the exchange’s broader efforts to integrate digital assets into traditional markets. With VanEck, 21Shares, Bitwise, and Canary Capital at the forefront, the introduction of Solana ETFs could enhance the blockchain’s visibility and adoption among a wider audience.

If successful, these filings could bolster Solana’s standing in the crypto ecosystem, potentially driving liquidity and influencing broader market trends. According to BeInCrypto data, Solana’s powering token is up by almost 10% amid ETF optimism. At the time of writing, SOL was trading for $259.20

no later than June 2024, VanEck and 21Shares had filed applications with the SEC to launch Solana ETFs, one after the other. These initial filings set the stage for their recent Cboe applications, which progressed toward obtaining regulatory approval.

Filing with the Cboe BZX Exchange is a crucial step as the exchange conducts due diligence to ensure these ETFs meet the required standards before potential listing.

Solana ETF Hopes Now Rest With US SECBoth if the SEC formally accepts the proposals, a decision could come as early as August 2025. If approved, these ETFs would offer investors a new avenue to access Solana-related assets, potentially increasing the blockchain’s market influence.

“…if the SEC acknowledges it — will be around early August,” Seyffart added in his post.

In the meantime, Solana continues to draw attention for its speed and scalability as a high-performance blockchain. Major institutional interest from firms like VanEck, 21Shares, Bitwise, and Canary Capital is a testament to the growing confidence in its potential. Bitwise recently filed its S-1 registration form with the SEC, a day after the firm filed to establish a trust entity for the proposed fund in Delaware.

As Donald Trump’s political return coincides with rising crypto enthusiasm, the administration’s focus on deregulation has sparked hopes for a more favorable environment for cryptocurrency innovations, including ETFs.

While negotiations with the SEC are reportedly “progressing” and approval seems to be within reach, there have been challenges along the way. Earlier this year, forms related to Solana ETF filings briefly vanished from the Cboe website, raising concerns about procedural or regulatory hurdles. However, these filings have since reappeared, offering some reassurance to market watchers.

The SEC’s decision will likely set a precedent for future cryptocurrency-related ETFs. The approval process involves close examination to ensure investor protection and regulatory compliance. If granted, these ETFs could democratize access to Solana investments, catering to both institutional and retail investors.

In other ETF news, the securities regulator has delayed its decision on Franklin Templeton’s proposed crypto index ETF. The deadline has been pushed back to January 6, 2025, as the SEC requested additional time to review the application.