Spot Solana ETF Filings Surge With Gensler Set to Exit

The race for a spot Solana ETF intensified Thursday as the Cboe BZX filed applications with the U.S. Securities and Exchange Commission on behalf of Bitwise, VanEck, 21Shares, and Canary Capital.

These applications aim to list and trade shares tracking Solana on the heels of a regulatory shakeup at the SEC.

The timing of the filings coincides with SEC Chair Gary Gensler’s announcement that he will depart the agency on Jan. 20, the day of President-elect Donald Trump’s second inauguration.

Trump, who once pledged to position the U.S. as the "crypto capital of the planet," has fueled optimism for a more favorable regulatory environment, a stark contrast to Gensler’s tenure, which was marked by increased scrutiny of digital assets.

The proposed Solana ETFs are designed to provide investors with regulated exposure to the blockchain’s native token, SOL. Cboe’s filings argue that Solana’s decentralized network and trading environment make it resistant to manipulation, similar to arguments that secured approval for bitcoin and Ethereum ETFs earlier this year.

Regulatory Winds Shift

Solana’s price surged by 21.1% over the past week, peaking at $263.7 on Thursday before settling near $253, according to CoinMarketCap data. Solana is the the fourth-largest cryptocurrency with a market capitalization of over $120.5 billion.

The wave of filings builds on a busy year for crypto ETFs. Spot bitcoin ETFs launched in January, followed by Ethereum ETFs in July, collectively gathering over $30 billion in assets under management, according to U.K.-based asset manager Farside Investors. The price of bitcoin has approached $100,000 amid expectations of a favorable regulatory environment.

The urgency among issuers reflects a broader trend of increasing adoption of crypto products. Recent weeks have seen applications for ETFs tracking XRP and Litecoin, as well as efforts by Grayscale Investments to convert its Digital Large Cap Fund into an ETF.

The applications still require SEC approval before the funds can begin trading, with the review process likely extending into 2025 under new agency leadership. Meanwhile, the crypto industry is buoyed by Trump's vision and hopes for a more accommodating regulatory era.