# 2025-09255: VanEck Solana Trust Awaits SEC Nod: Bureaucracy vs. Blockchain Buzz

2025-09255, 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 VanEck Solana Trust 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 the Commission shall approve or disapprove, or institute proceedings to determine whether to disapprove the proposed rule change. (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-09255
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-09255
- 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 VanEck Solana Trust Under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 22130
- Published: 2025-05-23
- Effective: The Commission designated May 19, 2025 as the date by which the Commission shall approve or disapprove, or institute proceedings to determine whether to disapprove the proposed rule change.
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

VanEck Solana Trust Awaits SEC Nod: Bureaucracy vs. Blockchain Buzz

## Summary

The SEC is deciding whether to approve the Cboe BZX Exchange’s plan to list and trade shares of the VanEck Solana Trust, a new commodity-based investment. This affects investors interested in Solana-related assets and could open up fresh trading opportunities soon. The decision is expected by May 19, 2025, and could impact how easily people buy and sell these shares.

## Effects PRIA read

- Cboe May List Solana Trust Shares: benefit, low. You could get a new way to trade Solana exposure: the SEC is deciding whether Cboe BZX can list and trade shares of the VanEck Solana Trust, which aim to reflect the price of SOL. The Commission set May 19, 2025 as the date to approve or disapprove the proposal; the SEC invites comments by June 13,…
- 25,000-Share Cash Redemption Rule: cost, medium. If you buy shares of the VanEck Solana Trust, the Trust will sell or redeem its Shares only in cash transactions with authorized participants and only in blocks of 25,000 Shares. The Trust's assets will consist only of SOL, cash, and cash equivalents and its Shares will be valued daily to reflect S…

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## Sources
- [2025-09255 on federalregister.gov](https://www.federalregister.gov/documents/2025/05/23/2025-09255/self-regulatory-organizations-cboe-bzx-exchange-inc-order-instituting-proceedings-to-determine)
- [2025-09255 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-05-23/pdf/2025-09255.pdf)

## Related
- [Previous: 2025-09254, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Order Instituting Proce…](https://policyrisk.com/federal-register/2025-09254)
- [Next: 2025-09256, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Order Instituting Proce…](https://policyrisk.com/federal-register/2025-09256)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-09255 (as of 2026-06-08).