Solana ETFs Refiled: SEC Review Reignites, Spot Listing Potential

Solana's price dynamics have been significantly influenced by whale activity, as the cryptocurrency market experiences growing stablecoin dominance and market speculation. The recent refiling of Solana ETFs by the Cboe BZX Exchange has reignited the review process with the Securities and Exchange Commission (SEC), potentially paving the way for the listing of spot Solana ETFs in the United States.

The Cboe BZX Exchange resubmitted the required filings for four asset managers, including Bitwise, VanEck, 21Shares, and Canary Capital, on January 28. This move marks a new phase in the SEC's review process, which has shown signs of a more open stance towards cryptocurrency under the new leadership of acting chair Mark Uyeda. If approved, these ETFs would allow Solana to join Bitcoin and Ether, which already have spot ETF products available on U.S. stock exchanges.

The renewed effort comes as the SEC has taken steps to create a more favorable environment for cryptocurrency regulation. Previous actions taken under former chair Gary Gensler, such as a rule requiring financial firms to record cryptocurrencies as liabilities, have been revoked. Additionally, the SEC has formed a crypto task force, led by Commissioner Hester Peirce, to create a framework for digital asset regulation.

Asset managers are also exploring the possibility of listing spot ETFs for other cryptocurrencies like XRP, Litecoin, and Dogecoin. Industry analysts suggest that a Litecoin ETF might be the next to receive approval, as those applications are reportedly under active review by the SEC. JPMorgan has estimated that an approved spot Solana ETF could attract between $3 billion and $6 billion in net assets in its first year.

The timeline for these filings began with VanEck submitting the first 19b-4 application for a Solana ETF on June 27, followed by 21Shares on June 28, and Canary Capital in late October. After Donald Trump's election win in November, Bitwise and Grayscale also filed for a spot Solana ETF, indicating a growing interest in cryptocurrency-based investment products.