Bitwise, Canary Capital, VanEck and 21Shares submit requests for Solana ETF amid rising prices

The race to launch the first Solana-focused exchange-traded fund (ETF) is heating up, with four major issuers filing applications on the Chicago Board Options Exchange (CBOE).

This development seems to have caused a charge that takes the price of Solana’s native SOL token to a new all-time high (ATH), pushing it almost above $263 just a few hours before this article was written.

SEC filings and optimism

The filings come from Bitwise, Canary Capital, VanEck and 21Shares and have been filed as Forms S-1 and 19b-4 with the US Securities and Exchange Commission (SEC). In particular, Bitwise’s S-1 filing, dated Nov. 21, indicates its intention to create a commodity-based trust.

The regulator now has up to 15 days to acknowledge the submissions and publish them in the Federal Register. It would mark the next phase of the regulatory process, starting a 240-day review window.

While previous Solana ETF filings were withdrawn earlier this year, industry watchers are much more optimistic about the success of the new filings, given the shift in regulatory mood after of Donald Trump’s victory in the recently concluded US presidential elections.

The president-elect’s pro-crypto stance and Gary Gensler’s imminent departure from the SEC’s helm have given observers a sense of positivity, although some challenges remain, including pending lawsuits that refer to SOL as security.

Bloomberg senior ETF analyst Eric Balchunas cautioned that lawsuits and regulatory hurdles must be resolved before approval can be expected.

His fellow expert Nate Geraci had previously predicted that several ETFs would be introduced after Trump’s victory. For now, the optimism seems rooted in speculation rather than concrete signals from the SEC.

Solana Price Rises Amid ETF Buzz

If approved, ETFs could expand access to Solana for traditional investors, cementing its position alongside Bitcoin and Ethereum as the top blockchain ecosystem.

SOL’s market cap now stands at over $125 billion, with a fully diluted valuation of $153.25 billion. A 24-hour trading volume of $14.8 billion for CoinGecko is a testament to market excitement and growing investor interest.

The token, which ranks No. 4 on the list of largest cryptocurrencies by market capitalization, surged to an all-time high of $262.93 on the back of the filings. Although the price had dropped to just above $259 at the time of writing, it still represents an improvement of almost 9% over the past 24 hours.

The increase is a much more impressive 24.7% over seven days, beating the broader crypto market’s 9.3% growth over the same period. Additionally, its performance has been one of the most dominant in the Tier 1 space, where most coins averaged gains of 13.4%.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

LIMITED OFFER for CryptoPotato readers on Bybit – Use this link to register and open a FREE $500 position with any currency!