The application, tied to Cboe BZX Exchange’s request to list the fund, now enters the formal review phase that could lead to approval later this year.
The filing lands in a crowded field. VanEck, Fidelity, 21Shares, Bitwise, and others are also seeking SEC clearance for similar products, while REX Shares’ own Solana ETF was declared “immediately effective” in May. Optimism around approvals has been fueled by existing CME Solana futures and the current administration’s friendly tone toward crypto.

Still, regulatory uncertainty hangs over the process. A key issue is whether Solana will be treated as a commodity or a security — a distinction that determines which U.S. agency regulates it and what compliance steps are required.

If labeled a security, stricter licensing would apply and some exchanges could avoid listing it altogether.

The SEC has historically taken a cautious approach toward new crypto ETFs, often extending review periods to address concerns about investor protections, market manipulation risks, and the underlying asset’s legal classification.

While the growing interest from major financial institutions adds pressure for quicker decisions, final outcomes will depend on how the regulator balances innovation with oversight.