# 2025-09253: SEC Ponders Solana ETF Trading: Crypto Meets Stodgy Stock Rules

2025-09253, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To List and Trade Shares of the 21Shares Core Solana ETF Under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares, is a Federal Register notice from Securities and Exchange Commission published 2025-05-23, effective 2025-05-19 (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-09253
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-09253
- Title: Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To List and Trade Shares of the 21Shares Core Solana ETF Under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 22127
- Published: 2025-05-23
- Effective: 2025-05-19
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

SEC Ponders Solana ETF Trading: Crypto Meets Stodgy Stock Rules

## Summary

The Cboe BZX Exchange wants to start trading shares of the 21Shares Core Solana ETF, a fund tied to the Solana cryptocurrency. The SEC is now deciding whether to approve or reject this plan, with a decision expected by May 19, 2025. If approved, investors will get a new way to invest in Solana through the stock market, potentially impacting trading and investment options.

## Effects PRIA read

- New Exchange-Traded Solana Option: benefit, low. If the SEC approves the proposal, investors would be able to buy and sell shares of the 21Shares Core Solana ETF on the Cboe BZX Exchange as a way to gain exposure to SOL through the stock market. The Commission is deciding whether to approve or disapprove the listing, with a decision point noted a…
- SEC Proceedings and Comment Deadlines: cost, low. The SEC instituted proceedings under Section 19(b)(2)(B) on May 19, 2025 to determine whether to approve or disapprove the proposed listing. Interested persons may submit written comments by June 13, 2025 and rebuttals by June 27, 2025.
- Trust Will Hold SOL, Cash Only: mixed, medium. The 21Shares Core Solana ETF (the Trust) will hold SOL and value its shares daily based on the CME CF Solana-Dollar Reference Rate; the Trust's assets will consist only of SOL, cash, and cash equivalents. When the Trust sells or redeems Shares, it will do so in cash transactions with authorized par…
- SEC Requests Comments on Fraud and Manipulation: benefit, low. The Commission is asking commenters to address whether listing an ETF that would hold SOL is designed to prevent fraudulent and manipulative acts and practices and whether it raises any new or novel concerns. Comments are requested by June 13, 2025, with rebuttals due June 27, 2025.

## Related documents

- [2026-20466](https://policyrisk.com/federal-register/2026-20466): Adviser and Regulated Fund Custody Rules; Crypto Custody Rules, 2026-10-06
- [2026-19260](https://policyrisk.com/federal-register/2026-19260): Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4, 2026-09-21
- [2026-18424](https://policyrisk.com/federal-register/2026-18424): Political Contributions by Certain Investment Advisers, 2026-09-10
- [2026-18190](https://policyrisk.com/federal-register/2026-18190): Transfer Agent Rules, 2026-09-04
- [2026-17183](https://policyrisk.com/federal-register/2026-17183): Regulation Crypto Assets, 2026-08-21
- [2026-12163](https://policyrisk.com/federal-register/2026-12163): The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS, 2026-06-17

## Sources
- [2025-09253 on federalregister.gov](https://www.federalregister.gov/documents/2025/05/23/2025-09253/self-regulatory-organizations-cboe-bzx-exchange-inc-order-instituting-proceedings-to-determine)
- [2025-09253 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-05-23/pdf/2025-09253.pdf)

## Related
- [Previous: 2025-09252, Submission for OMB Review; Comment Request](https://policyrisk.com/federal-register/2025-09252)
- [Next: 2025-09254, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Order Instituting Proce…](https://policyrisk.com/federal-register/2025-09254)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-09253 (as of 2026-06-08).