Cboe BZX Exchange has refiled several Solana ETF (exchange-traded fund) applications on behalf of four issuers that the US Securities and Exchange Commission (SEC) rejected last year.

The 19b-4 filings that were re-submitted on Jan. 28 by the exchange are for proposed SOL-focused funds by Bitwise, VanEck, 21Shares and Canary Capital. 

More crypto-friendly environment prompts refiling

The applications were denied by the SEC in late 2024, but the changing regulatory landscape under the SEC’s new acting chair, Mark Uyeda, has sparked hopes. If authorized, Solana may become the third cryptocurrency to have a spot ETF in the United States, following market leaders Bitcoin and Ethereum, that were introduced last year and have since recorded over $41 billion in cumulative inflows, as per data from Farside Investors shows.

The SEC’s new position under Uyeda is seen as more crypto-friendly, reversing some restrictive measures implemented by former anti-crypto SEC head Gary Gensler, who stepped down from his position in Jan. 20. Since Gensler left, there have been several bullish developments that have ignited optimism in the crypto space. Among them is the SEC’s decision to revoke SAB 121, which was an accounting rule that required US companies who hold crypto on behalf of their clients to record the digital assets as liabilities on their balance sheets.

The SEC has also established a crypto task force to design and implement a digital asset regulatory framework in the US. This group is led by Commissioner and crypto advocate Hester Peirce. Overall, the recent developments by the SEC have given asset managers more confidence to proceed with crypto-based ETF filings. 

There is, however, still the SEC lawsuit against Coinbase wherein the regulator referred to SOL as a security, raising concerns about a potential ETF launch linked to the altcoin. However, recent court decisions such as XRP’s partial success have weakened the stance of the US regulator. Additionally, issuers like VanEck contend that Solana qualifies as a commodity under the Howey Test, given its decentralized ecosystem and utility-based tokens. 

The changing crypto regulatory environment in the US has led to multiple asset managers filing for several crypto ETFs in recent weeks. ETF applications have been submitted for altcoins such as Litecoin (LTC), XRP and even leading meme coin Dogecoin (DOGE).

Polymarket bettors see 86% chance Solana ETF will be approved in 2025

The re-filings come amid growing optimism that a Solana ETF will be approved in 2025. Users of the decentralized betting platform Polymarket place the odds of these SOL funds getting the green light this year at 86%. This marks a 28% increase over the last month.

In tandem with the rising Polymarket odds, experts have also shared their bullish predictions for potential Solana ETF inflows. At the start of the month, analysts from the Wall Street banking giant JPMorgan predicted that spot SOL and XRP ETFs might end up outperforming spot Ethereum (ETH) ETFs in the first 6 months after they launch.

The bank estimated that SOL ETFs could attract between $3 billion and $6 billion in net assets, and similarly forecasted that XRP ETFs will soar to between $4 billion and $8 billion in net assets.

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