This move was made due to the shifting regulatory landscape under the new acting SEC leadership. JPMorgan estimates a Solana ETF could attract $3–$6 billion in its first year. Meanwhile, Tuttle Capital recently filed for 10 leveraged crypto ETFs, including exposure to Trump-linked tokens. Analysts believe this was done to test the SEC's stance on certain ETFs. Bitwise also filed for a Dogecoin ETF, adding to a growing list of meme coin investment products awaiting SEC review.
Solana ETF Filings Resubmitted
Cboe BZX Exchange took a big step in the push for a spot Solana exchange-traded fund (ETF) in the United States by resubmitting filings on behalf of four asset managers. The exchange refiled 19b-4 applications for spot Solana ETFs from Bitwise, VanEck, 21Shares, and Canary Capital on Jan. 28. By doing this, the exchange reignited the approval process with the Securities and Exchange Commission (SEC) after initial applications were reportedly rejected last year. With Mark Uyeda now serving as the SEC’s acting chair, the regulatory landscape shifted toward a much more crypto-friendly stance, which boosted optimism around the potential for approval.
The refiled applications set the stage for Solana to become the third cryptocurrency available through a spot ETF in the US after the launch of similar investment products for Bitcoin and Ethereum last year.
This renewed push happened during a time when asset managers are trying to introduce ETFs for other cryptos, including XRP, Litecoin, and Dogecoin. Analysts suggest that issuers are testing the regulatory waters under a Trump-era SEC. However, Bloomberg ETF analyst Eric Balchunas believes Litecoin will be the next likely candidate for approval. According to reports, applications for Litecoin ETFs are already under active review by the SEC.
The market potential for a spot Solana ETF is substantial, and financial services firm JPMorgan estimates that an approved product could attract between $3 billion and $6 billion in net assets in its first year. Balchunas described this projection as a “reasonable guess,” due to the growing demand for regulated crypto investment vehicles.
VanEck was the first to file for a Solana ETF on June 27 last year, followed by 21Shares on June 28 and Canary Capital in late October. Bitwise and Grayscale later joined the race by submitting applications after Donald Trump’s election victory in November.
So far, the SEC overturned several crypto-related policies that were enacted under Gary Gensler’s leadership. One of the major reversals was the cancellation of a rule that required financial firms holding cryptocurrency to record them as liabilities on their balance sheets. The SEC also announced that it created a dedicated crypto task force, led by Commissioner Hester Peirce, to develop a framework for digital assets. These changes signal a more favorable outlook for cryptocurrency regulation, and could potentially pave the way for Solana’s inclusion in spot crypto ETF industry.
Tuttle Capital Files for 10 Leveraged Crypto ETFs
Tuttle Capital also seems to be testing the new SEC leadership after filing for 10 leveraged ETFs. Among the proposed ETFs are funds offering two times leveraged long positions on tokens linked to Donald Trump and his wife Melania.
Bloomberg ETF analyst James Seyffart pointed out the significance of Tuttle’s filings, and shared that beyond the Official Trump (TRUMP) and Melania Meme (MELANIA) tokens, the proposed ETFs also include exposure to a range of other cryptocurrencies that currently lack ETF representation. These include XRP, Solana, Litecoin, Chainlink, Cardano, Polkadot, BNP, and the meme coin Bonk. According to Seyffart, these filings are a clear attempt by issuers to test the regulatory limits of the SEC’s new leadership.
Bloomberg’s senior ETF analyst Eric Balchunas noticed just how unusual Tuttle’s filings are, particularly the push for highly leveraged ETFs before standard one-to-one products have even been approved for some of the underlying assets. Leveraged ETFs track their assets at a 2:1 ratio or higher, which amplifies both potential gains and risks. Balchunas explained that because these filings fall under the Investment Company Act of 1940, they could theoretically begin trading as soon as April unless the SEC intervenes.
The SEC’s response to these filings will provide crucial insight into its approach to cryptocurrency ETFs. However, Balchunas pointed out that recent applications for Dogecoin and Trump-linked tokens have been withdrawn.
Bitwise Files for Dogecoin ETF
Bitwise officially filed with the SEC to list an ETF tracking the price of Dogecoin, making it the latest push for meme coin investment products. The proposed Bitwise Dogecoin ETF will directly hold DOGE and closely follow its price movements, according to the firm’s S-1 filing with the SEC on Jan. 28. This filing was made after a previous filing on Jan. 22 to register a Dogecoin trust in Delaware, which, according to James Seyffart, now makes the move official with the regulator.
The filing happened in the middle of a wave of meme coin-related ETF applications in the US. Other asset managers including Osprey Funds, REX Shares, and Tuttle Capital are also seeking approval for funds that track or offer leveraged exposure to tokens like Dogecoin and TRUMP.
For Bitwise’s Dogecoin ETF to move forward, the S-1 filing must be accompanied by a 19b-4 submission, which will formally initiate the SEC’s review process.
Dogecoin grew a lot since its launch in 2015, and amassed an impressive market capitalization of close to $49 billion. As a result, DOGE ranks as the eighth-largest cryptocurrency, and the largest meme coin overall.
Bitwise has selected Coinbase Custody as the proposed custodian for the ETF, which matches with the choice of other issuers offering crypto-based exchange-traded products. The filing did not reveal any details about the ETF’s proposed fee, ticker, or the stock exchange it will be listed on if it gets approved.
This latest filing is also part of Bitwise’s plans to expand its crypto ETF offerings beyond just its existing spot Bitcoin and Ether products. The firm also recently submitted applications to list ETFs tracking Solana and XRP to broaden its scope in the crypto investment space. In November, Bitwise filed to list the Bitwise 10 Crypto Index Fund on NYSE Arca. This is a product that is designed to track ten of the largest cryptocurrencies by market capitalization, including Cardano, Uniswap, and Polkadot.
Dogecoin’s price action over the past 24 hours (Source: CoinMarketCap)
Despite Bitwise’s push for regulatory approval, Dogecoin’s price saw a slight 0.86% drop over the past 24 hours of trading. As a result, DOGE was trading hands at $0.3316 at press time. DOGE was also down by more than 9% on its weekly time frame. Overall, most people expect that the outcome of the SEC’s review of the Dogecoin ETF will provide a more clear picture into the regulator’s new stance on meme coin-based investment products in the US.
