The U.S. crypto market is witnessing a pivotal moment as major asset managers and exchanges ramp up efforts to bring new spot cryptocurrency ETFs to market. Recently, Bitwise officially filed with the Securities and Exchange Commission (SEC) for a Dogecoin (DOGE) spot ETF, while Cboe BZX Exchange has resubmitted applications for multiple Solana (SOL) spot ETFs. These moves come amid shifting regulatory winds under the Trump administration’s crypto-friendly policies, raising speculation about whether the SEC will finally greenlight these innovative financial products.
This development could set a crucial precedent for how the newly restructured SEC approaches digital assets—particularly meme coins and high-growth layer-one blockchains.
Bitwise Takes Lead on Dogecoin ETF
Yesterday, leading crypto asset manager Bitwise submitted an S-1 registration statement to the SEC, formally launching its bid for the Bitwise Dogecoin ETF. This follows last week’s public announcement and marks the official entry of DOGE-based ETFs into the regulatory review pipeline.
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As one of the most recognized meme coins globally, Dogecoin ranks sixth by market capitalization and consistently sees over $1 billion in daily trading volume. According to Matt Hougan, Chief Investment Officer at Bitwise:
“The reality is that there’s strong investor demand for exposure to Dogecoin. It’s a top-tier digital asset by adoption and liquidity, and institutional investors want regulated access.”
This filing underscores growing institutional interest in meme-based cryptocurrencies—not just as cultural phenomena but as legitimate asset classes. Bitwise isn’t alone: Osprey Funds and Rex Shares have also filed applications for their own DOGE ETFs, indicating rising momentum behind meme coin financialization.
However, unlike 19b-4 filings used by exchanges, S-1 forms do not trigger a mandatory SEC review timeline. That means while the application is now live, there’s no set deadline for approval—leaving investors waiting without clarity on launch dates.
Still, the mere act of filing signals confidence among asset managers that regulatory conditions are improving.
Cboe BZX Revives Solana ETF Applications
In parallel, Cboe BZX Exchange has refiled 19b-4 applications for four separate Solana spot ETFs, including proposals from:
- Canary Solana Trust
- Bitwise Solana ETF
- 21Shares Core Solana ETF
- VanEck Solana Trust
These submissions reignite hopes for a SOL-based ETF after previous attempts were withdrawn following discussions with the SEC. The new filings are strategic: once accepted and published in the Federal Register, they initiate a formal clock for SEC review—potentially forcing a decision within months.
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Market sentiment around Solana ETF approval has grown increasingly optimistic, especially given the change in political leadership. With former President Trump advocating for pro-crypto policies—including signing executive orders prioritizing digital asset innovation and appointing crypto-supportive figures like Paul Atkins as potential SEC chair—the landscape appears more favorable than ever.
Yet significant hurdles remain.
The Regulatory Challenge: Is Solana a Security?
Unlike Bitcoin and Ethereum, which the SEC has largely treated as commodities, Solana faces uncertainty over its classification. If regulators determine that SOL qualifies as a security, rather than a commodity, it would complicate—or even block—approval of a spot ETF.
This distinction hinges on factors like centralization of development, initial distribution methods, and ongoing control by core teams—all criteria derived from the Howey Test. While Ethereum transitioned into commodity status post-merge, Solana’s case is less clear-cut due to its more centralized launch and validator structure.
If the SEC avoids classifying SOL as a security, it could open the floodgates not only for Solana but also for other high-performance blockchains like Cardano and Polkadot.
Will the SEC Approve DOGE and SOL ETFs?
Despite rising institutional demand and political support, the SEC may still exercise caution when evaluating these applications. Key concerns include:
1. Volatility of Meme Coins
Dogecoin, born as a joke, remains highly susceptible to social media trends and speculative trading. Regulators worry that retail investors may be misled by hype, exposing them to outsized risk through leveraged or passive ETF products.
2. Market Manipulation Risks
Both DOGE and SOL have experienced periods of concentrated trading activity and price swings tied to influential figures (e.g., Elon Musk). The SEC will scrutinize whether sufficient surveillance-sharing agreements exist between exchanges and issuers to prevent manipulation.
3. Liquidity and Custody Infrastructure
While SOL has matured significantly, questions persist about whether custodianship and market depth are robust enough to support large-scale ETF inflows without distortion.
However, several tailwinds could tip the balance in favor of approval:
- Executive support: The Trump administration has made crypto innovation a national priority.
- Precedent: Over 10 Bitcoin and Ethereum spot ETFs have already launched successfully.
- Global competition: Countries like Australia and Brazil are advancing crypto ETFs; U.S. regulators may feel pressure to keep pace.
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Frequently Asked Questions (FAQ)
Q: What is a spot cryptocurrency ETF?
A: A spot ETF directly holds the underlying cryptocurrency (like DOGE or SOL) rather than futures contracts or derivatives. This provides investors with real-time exposure to price movements of the actual asset.
Q: Why does the SEC care if Solana is classified as a security?
A: If SOL is deemed a security, it must comply with stricter regulations around disclosure, issuance, and trading—making it incompatible with current commodity-based ETF frameworks unless registered as such.
Q: How long does the SEC take to approve an ETF?
A: For 19b-4 filings (exchange-led), the SEC has up to 240 days from initial submission to make a final decision. S-1 filings (issuer-led) have no fixed timeline, allowing indefinite delays.
Q: Can retail investors buy these ETFs now?
A: Not yet. All DOGE and SOL ETFs are still in the proposal or review phase. Approval must come first before any trading begins on major platforms like NYSE or Nasdaq.
Q: Are meme coin ETFs safe investments?
A: They carry higher risk due to volatility and speculative nature. While regulated ETFs add oversight, they don’t eliminate market risk. Investors should conduct thorough due diligence before investing.
Q: What happens if the SEC rejects these applications?
A: Issuers can revise and resubmit, appeal decisions, or shift focus to offshore markets. Rejection doesn’t end the effort—it may delay it.
Looking Ahead: 2025 as a Make-or-Break Year for Crypto ETFs
With multiple filings now active and political momentum building, 2025 could become a landmark year for crypto ETF expansion. Beyond Bitcoin and Ethereum, regulators face mounting pressure to address emerging assets like Dogecoin and Solana within a coherent framework.
Approval of even one DOGE or SOL ETF would validate broader acceptance of decentralized networks and community-driven tokens in traditional finance.
For investors, this means potentially greater access to diversified crypto exposure through familiar brokerage accounts—without needing wallets or private keys.
As regulatory clarity improves and infrastructure strengthens, the path forward looks promising. Whether driven by market demand or geopolitical competition, the era of multi-asset crypto ETFs may be closer than ever.
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