Cboe BZX Refiles Solana ETF Applications for Top Firms

More Crypto-Friendly Environment Prompts Refiling

In late 2024, the SEC denied applications for Solana-based ETFs. However, under the leadership of the new acting SEC chair, Mark Uyeda, the regulatory landscape is shifting towards a more crypto-friendly stance. This change has sparked renewed hope among crypto investors and asset managers. If approved, Solana could become the third cryptocurrency to have a spot ETF in the United States, following Bitcoin and Ethereum, which launched their own ETFs last year.

Bitcoin and Ethereum spot ETFs have already attracted over $41 billion in cumulative inflows, according to data from Farside Investors. This success has fueled the belief that Solana, with its growing network and adoption, could be the next major crypto to gain ETF approval.

SEC’s Changing Stance and Its Impact on Solana

The SEC’s new approach under Mark Uyeda is seen as a reversal of the more restrictive policies of former SEC chair Gary Gensler, who stepped down in January 2025. The changing regulatory environment has resulted in several bullish developments for the crypto space, including:

• The revocation of SAB 121, an accounting rule that required US companies holding crypto on behalf of clients to record digital assets as liabilities.
• The formation of a crypto task force led by Commissioner Hester Peirce, aimed at designing a digital asset regulatory framework.

These developments have instilled greater confidence among asset managers, encouraging them to refile crypto-based ETF applications. While the SEC lawsuit against Coinbase, which classifies Solana as a security, has raised concerns, recent court decisions, including XRP’s partial success, have weakened the SEC’s position. Some issuers, like VanEck, argue that Solana qualifies as a commodity under the Howey Test, given its decentralized nature and utility-based tokens.

Increased Optimism for Solana ETF Approval in 2025

The refiled applications come amid growing optimism for a Solana ETF in 2025. Users of the decentralized betting platform Polymarket have placed the odds of these SOL funds getting approved this year at 86%. This marks a significant 28% increase in the odds compared to the previous month, reflecting rising confidence in Solana’s prospects in the ETF space.

Experts have also shared bullish predictions for potential Solana ETF inflows. Analysts from JPMorgan have speculated that spot SOL and XRP ETFs could outperform spot Ethereum (ETH) ETFs in the first six months following their launch. JPMorgan forecasts that Solana ETFs could attract between $3 billion and $6 billion in net assets, while XRP ETFs might see net assets between $4 billion and $8 billion.

Conclusion

The refiled Solana ETF applications on the Cboe BZX Exchange mark a significant step toward potential approval. With a more crypto-friendly SEC under Mark Uyeda and growing optimism in the market, Solana is positioning itself to become a key player in the cryptocurrency ETF landscape. As confidence in Solana continues to rise, it is likely that the approval of a Solana ETF in 2025 could further cement the cryptocurrency’s place as a prominent asset in the digital economy.