A VanEck-linked proposal for a spot Solana ETF has formally entered the U.S. Securities and Exchange Commission process through a Cboe BZX Form 19b-4 filing, while 21Shares has separately filed an S-1 registration statement for a Solana trust. Together, the filings broaden the race to launch a U.S. spot Solana ETF beyond a single issuer and push SOL further into the institutional crypto fund pipeline. The submissions argue, directly or indirectly, that Solana can support a regulated fund structure, but approval remains uncertain as the SEC is still expected to examine surveillance, custody, liquidity, market structure and whether SOL should be treated more like a commodity than a security.