Solana ETF Filings Skyrocket as SOL Hits All-Time High

• Solana has surpassed $264, exceeding its 2021 all-time high of $259.52, this rise comes after SEC Chairman Gary Gensler announced his resignation on January 20, 2025, as Trump takes office again.
• Solana has seen a substantial rise in ETF filings proposed to the SEC by multiple companies, including Bitwise, VanEck, 21Shares, and Canary Capital.

After a three-year wait, Solana (SOL) has surpassed its previous all-time high, achieving a new milestone of over $260 on Thursday. This price surge coincides with increased interest in Solana ETFs in the U.S., as recent filings have indicated a growing demand for investment vehicles.

The Chicago Board Options BZX Exchange has made 19b-4 filings to list spot Solana exchange-traded funds (ETFs) from VanEck, 21Shares, Canary Capital, and Bitwise. The CBOE is a trading platform for options, futures, equities, ETPs, and FX, it ranks as the largest options exchange in the U.S. and the biggest stock exchange in Europe by value traded. 

The SEC Form 19b-4 is utilized by self-regulatory organizations (SROs) to submit rule changes to the Securities and Exchange Commission (SEC). Stock exchanges and financial regulatory bodies operate as SROs, thus, they must file their bylaws, rules, and regulations. This process differs from S-1 registration statements, which VanEck and 21Shares submitted for their Solana ETFs in late June. The S-1 filing is simply a registration that issuers file in order to offer new securities publicly.

As we reported, Bitwise registered a statutory trust in Delaware and submitted its S-1 filing to the SEC on November 21 signaling its intention to seek regulatory approval. This coincides with SEC Chair Gary Gensler’s announcement of his resignation, effective January 20, 2025. This significant date also marks the return of Donald Trump, the 47th president of the United States, to the White House after contesting his previous defeat four years ago. 

The prospect of more favorable crypto regulations under President-elect Trump has already energized the crypto markets, propelling the total market capitalization to a record high of $3.42 trillion on November 22.

Solana Reaches a New All-Time High of $264

SOL’s price dropped to around $8 by the end of 2022 after the downfall of the FTX crypto exchange, which had strong ties to Solana and its founder, Sam Bankman-Fried. However, it has now achieved a new all-time high, with the SOL price rising 11.12% in a single day to $264. SOL’s market capitalization rose to $124 billion, and trading volume jumped by 75% to $11.3 billion within the same timeframe.

Solana supporters believe that SOL could eventually surpass Ethereum in market capitalization, SOL is currently trading at $260, reflecting a 23.89% increase in the past week. DefiLlama reported that Solana’s total value locked (TVL) increased by 3.17% in a single day to $8.74 billion on November 22. While this isn’t the highest mark yet, the TVL has seen significant growth over the past year, rising from just $353 million in October 2023.

Solana is not alone in achieving record prices, Bitcoin also surpassed its previous all-time high of nearly $74,000 on election day, reaching above $98,000 for the first time earlier on Thursday and eyeing the $100,00 mark.