# 2025-09254: Bitwise Solana ETF on Deck: SEC's Crypto Approval Tango Continues

2025-09254, 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 Bitwise 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 The Commission designated May 19, 2025 as the date by which it shall approve or disapprove the proposed rule change; the document also invites comments due June 13, 2025 and rebuttal comments due June 27, 2025. (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-09254
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-09254
- 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 Bitwise Solana ETF Under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 22139
- Published: 2025-05-23
- Effective: The Commission designated May 19, 2025 as the date by which it shall approve or disapprove the proposed rule change; the document also invites comments due June 13, 2025 and rebuttal comments due June 27, 2025.
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

Bitwise Solana ETF on Deck: SEC's Crypto Approval Tango Continues

## Summary

The SEC is deciding whether to approve the Cboe BZX Exchange’s plan to list and trade shares of the Bitwise Solana ETF, a new fund tied to the Solana cryptocurrency. This affects investors interested in crypto ETFs and could open up fresh trading options soon. The decision will be made by May 19, 2025, and could impact how easily people buy and sell these shares.

## Effects PRIA read

- Possible New Solana ETF Trading: benefit, medium. The SEC is deciding whether to let the Cboe BZX Exchange list and trade the Bitwise Solana ETF, which would give investors a new way to buy exposure to the Solana (SOL) cryptocurrency. The Commission set May 19, 2025 as the date by which it will approve, disapprove, or institute further proceedings.
- ETF Will Hold SOL and Use Daily Pricing: benefit, low. The proposed Bitwise Solana ETF would hold only SOL, cash, and cash equivalents, and its shares would be valued daily at 4:00 p.m. ET using the CME CF Solana-Dollar Reference Rate (New York Variant). When creating or redeeming shares, the Trust will transact in cash with authorized participants in…
- SEC Reviewing Fraud and Investor-Protection Issues: benefit, medium. The Commission is instituting proceedings to review whether listing the Bitwise Solana ETF would prevent fraudulent or manipulative acts and whether it would protect investors and the public interest under Section 6(b)(5) of the Securities Exchange Act. The SEC is seeking public comment on these in…

## 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
- [2025-09254 on federalregister.gov](https://www.federalregister.gov/documents/2025/05/23/2025-09254/self-regulatory-organizations-cboe-bzx-exchange-inc-order-instituting-proceedings-to-determine)
- [2025-09254 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-05-23/pdf/2025-09254.pdf)

## Related
- [Previous: 2025-09253, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Order Instituting Proce…](https://policyrisk.com/federal-register/2025-09253)
- [Next: 2025-09255, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Order Instituting Proce…](https://policyrisk.com/federal-register/2025-09255)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-09254 (as of 2026-06-08).