Key Developments
- Cboe Exchange has formally requested SEC approval to list spot Solana ETFs from VanEck and 21Shares.
- The submission of 19b-4 filings initiates a 240-day review period for the SEC to approve or deny the products.
- Both asset managers previously filed S-1 registration statements in June 2024, marking the first step toward launching these ETFs.
Detailed Breakdown
1. Regulatory Process
- 19b-4 Filings: Submitted by Cboe to the SEC, these documents propose rule changes allowing the listing of Solana ETFs.
- S-1 Filings: VanEck and 21Shares filed these in June 2024 to register the new securities.
- Timeline: The SEC must decide within 240 days of acknowledging receipt, creating a definitive deadline.
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2. Market Context
- Cboe’s Track Record: The exchange already lists 6 out of 10 spot Bitcoin ETFs and is set to list 5 spot Ether ETFs upon approval.
- Investor Demand: Solana (SOL) ranks among the top-traded cryptocurrencies, driving interest in regulated investment vehicles.
3. Industry Statements
Rob Marrocco, Cboe’s Global Head of ETP Listings:
"We’re addressing growing investor interest in Solana, a leading asset alongside Bitcoin and Ether."
Core Keywords
- Solana ETF
- Cboe Exchange
- SEC Approval
- VanEck
- 21Shares
- 19b-4 Filing
- Cryptocurrency ETFs
FAQs
Q1: What is a 19b-4 filing?
A: It’s a regulatory submission by exchanges to propose rule changes, essential for listing new ETFs.
Q2: How long does SEC approval take?
A: The SEC has 240 days to decide after acknowledging the filing.
Q3: Why is Solana gaining ETF interest?
A: SOL’s high liquidity and market cap make it a candidate for institutional investment products.
👉 Stay updated on crypto regulations
Final Notes
- Correction: An earlier version misstated SOL’s trading rank; it’s among the top-traded but not the top three.
- Author: Helene Braun, markets reporter at CoinDesk, covers Wall Street and crypto ETFs.
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