Solana ETF filings surge as Gensler confirms resignation

Asset managers Bitwise, VanEck, 21Shares, and Canary Capital have filed regulatory applications to list spot Solana (CRYPTO:SOL) exchange-traded funds (ETFs) on the Cboe BZX Exchange.  

These filings came on November 21, coinciding with SEC Chair Gary Gensler’s announcement of his resignation effective January 2025.  

The asset managers submitted 19b-4 filings, signaling a proposed rule change to the SEC for listing the Solana ETFs.  

This process follows earlier S-1 registration statements filed by VanEck, 21Shares, and Canary Capital, with Bitwise adding its S-1 filing on November 21 after registering a statutory trust in Delaware a day earlier.  

Gensler’s announcement aligns with expectations of a friendlier regulatory environment under President-elect Donald Trump, who had promised to dismiss Gensler on his first day in office.  

Industry participants see this leadership change as an opportunity for clearer crypto regulations, potentially boosting the chances for ETF approvals.  

"We strongly believe that Solana’s native token, SOL, is eligible for inclusion in an ETF as a commodity. In fact, no court has found that SOL as a token itself is a security," stated a spokesperson from 21Shares.  

Other filings for spot XRP (CRYPTO:XRP) and Litecoin (CRYPTO:LTC) ETFs have also emerged, alongside Franklin Templeton’s crypto index ETF proposal, though the SEC has delayed decisions on these until January 2025.  

Despite expectations of lower inflows compared to Bitcoin (CRYPTO:BTC) and Ether (CRYPTO:ETH) ETFs, Solana’s strong performance this bull cycle has garnered significant attention.  

The token has surged over 2,500% to reach $254.71 and is now 1.2% below its all-time high of $259.96, set in November 2021.  

At the time of reporting, the Solana (SOL) price was $261.13.