# 2025-09256: Canary Solana Trust in SEC Limbo: More Crypto ETF Drama Unfolds

2025-09256, 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 Canary 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.; PRIA reads it as touching household money (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-09256
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-09256
- 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 Canary Solana Trust Under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 22141
- 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: yes
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

Canary Solana Trust in SEC Limbo: More Crypto ETF Drama Unfolds

## Summary

The Cboe BZX Exchange wants to start trading shares of the Canary Solana Trust, a new commodity-based investment. The SEC is now deciding whether to approve or reject this plan, with a decision expected by May 19, 2025. If approved, investors could soon buy and sell these shares, potentially opening new ways to invest in Solana-related assets.

## Effects PRIA read

- Potential New Solana Investment Shares: benefit, low. You could be able to buy and sell shares of the Canary Solana Trust if the SEC approves the Cboe BZX proposal. The Commission set May 19, 2025 as the date by which it would approve or disapprove the listing of these commodity-based trust shares.
- Trust Structure, Pricing, and Creation Rules: mixed, low. If you invest in the Trust, its assets will consist only of SOL, cash, and cash equivalents and it will seek to track SOL using the CME CF Solana‑Dollar Reference Rate—New York Variant. The Trust will value its shares daily as of 4 p.m. ET, and when the Trust sells or redeems shares it will do so i…

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## Sources
- [2025-09256 on federalregister.gov](https://www.federalregister.gov/documents/2025/05/23/2025-09256/self-regulatory-organizations-cboe-bzx-exchange-inc-order-instituting-proceedings-to-determine)
- [2025-09256 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-05-23/pdf/2025-09256.pdf)

## Related
- [Previous: 2025-09255, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Order Instituting Proce…](https://policyrisk.com/federal-register/2025-09255)
- [Next: 2025-09257, Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Amendment N…](https://policyrisk.com/federal-register/2025-09257)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-09256 (as of 2026-06-08).