Following BTC And ETH, Solana ETF Is Finally Launching!

Major Takeaways

• In June, investment giants VanEck and 21Shares are making a big move by filing 19b-4 forms with the U.S. Securities and Exchange Commission (SEC) to launch Solana (SOL) spot exchange traded funds (ETFs). This step represents a huge milestone for the regulatory process and it aims to get approval to list these ETFs on the Cboe BZX Exchange.
• On Monday, July 8, exchange operator Cboe Global Markets filed “19b-4” application with the U.S. Securities and Exchange Commission, seeking to list exchange-traded funds (ETFs) tied to cryptocurrency Solana, requiring the agency to make a decision by March.

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Cboe Files for SEC Approval to List Solana ETFs

In July 8, the head of digital assets research at VanEck, Matthew Sigel, informed twitter that CBOE has filed their 19b-4 form for Solana ETF with the SEC.

Just a few days ago, VanEck filed form S-1 on June 27 2024, followed closely by 21Shares on June 28, 2024. Notably, this isn’t the first time VanEck and 21Shares have tried to introduce Solana ETFs. They’ve been pushing for this for months by highlighting their dedication to expanding cryptocurrency investment options. Their earlier attempts faced regulatory roadblocks but there is no sign of giving up from their side.

“We are now addressing the increasing investor interest in Solana – one of the most actively traded cryptocurrency after Bitcoin and Ether,” said Rob Marrocco, global head of ETP Listings at Cboe.

Notably, VanEck and 21Shares aren’t just focusing on Solana, they’ve also been making significant progress with Ethereum (ETH) ETFs. At present, VanEck, 21Shares and other issuers are also waiting on the final green light from the SEC to launch ETFs tied to the spot price of the second-largest cryptocurrency, ethereum.

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Significance of Cboe Filing for SEC Approval to List Solana ETFs

There is no doubt that this progress is a huge step in favor of crypto. These ETFs are designed to give investors direct exposure to Solana by tracking its spot price, without engaging in staking activities, a likely decision due to the current regulatory uncertainties around crypto staking. If approved, the products would mark a third wave of spot cryptocurrency ETFs, after the SEC in January approved ETFs tied to the price of bitcoin, in a watershed for the industry.

Experts believe that if these ETFs get approved, Solana’s liquidity and trading volume are expected to see huge rise. When the news about the initial filed got into air, the price of Solana spiked. At present, Solana is traded at +6.92 %, witnessing a price fluctuation of +6.92 % over the past 24 hours and a minor price change of +1.94 % over the past hour.

However, there are still some problems. The SEC still sees SOL as a security and there’s no regulated futures market for Solana yet, which the SEC thinks is really important for ETF approval.

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About VanEck

Founded in 1955, VanEck is an American asset management firm with a long history and a wide range of investments, especially in crypto digital asset management. VanEck has been known to be a first mover in crypto digital asset management with extensive experience and innovative products.

Notably, the asset manager was the first to file for a spot ether (ETH) ETF back in 2021, almost three years before the SEC began to engage with issuers that now include BlackRock, Fidelity, Ark Invest and others. An additional filing was lodged in September last year.

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About 21Shares

21Shares is a Swiss-based investment institution that focuses on the cryptocurrency investment space. Through its platform and services, 21Shares provides investors with the opportunity to access and invest in cryptocurrencies, lowering the barrier for traditional investors to enter the space.

In addition to investing directly in cryptocurrencies, 21Shares is also working on developing cryptocurrency ETF products. For example, it has changed the name of its Ethereum spot ETF from “ARK 21Shares Ethereum ETF” to “21Shares Core Ethereum ETF” to better reflect its business strategy and product positioning.

As one of the leading institutions in the cryptocurrency investment space, 21Shares plays an important role in driving the development and popularity of the cryptocurrency market. Its investment activities and product development not only provide more options for investors, but also contribute to the overall development of the cryptocurrency market.

About Solana (SOL)

Solana is a blockchain platform designed to host decentralized, scalable applications. Founded in 2017, it is an open-source project currently run by the Solana Foundation based in Geneva, while the blockchain was built by San Francisco-based Solana Labs.

Solana boasts impressive transaction speeds and scalability. Launched in 2020, SOL is the native digital asset to the Solana blockchain, developing to a significant player in the development of smart contracts. With a market capitalization of $61 billion, SOL is the fifth-largest cryptocurrency, trailing only Bitcoin, Ethereum, Tether, and Binance Coin.

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