Solana ETF Launch Imminent Following BTC and ETH Introductions
Just two hours ago, Matthew Sigel, the head of digital assets research at VanEck, took to Twitter to announce that CBOE has filed the 19b-4 form for the Solana ETF. This is a significant development in the world of cryptocurrency investments, as investment giants VanEck and 21Shares are making a strong move by filing the necessary forms with the U.S. Securities and Exchange Commission (SEC) to launch Solana spot exchange traded funds (ETFs).
The purpose of filing these forms is to seek approval to list the Solana ETFs on the Cboe BZX Exchange. This step is crucial in the regulatory process and highlights the commitment of VanEck and 21Shares to expand investment options in the cryptocurrency space.
This isn’t the first attempt by VanEck and 21Shares to introduce Solana ETFs. They have been working towards this goal for months, despite facing regulatory roadblocks in the past. However, their persistence is evident, and they are determined to make these ETFs a reality.
It’s worth noting that VanEck and 21Shares have also been making progress with Ethereum (ETH) ETFs. In May 2024, the SEC approved their 19b-4 filings for Ethereum ETFs, which are set to begin trading soon. This approval is significant as it offers hope for the potential approval of Solana ETFs.
Market experts anticipate a positive reaction from the market to the news of the 19b filing. When news of the initial filing broke, the price of Solana experienced a spike. If approved, the ETFs could significantly increase Solana’s liquidity and trading volume. However, there are still some hurdles to overcome. The SEC currently views SOL as a security, and there is no regulated futures market for Solana, which the SEC considers crucial for ETF approval.
Both VanEck and 21Shares are vying for approval of their crypto ETFs simultaneously, highlighting the high level of interest and competition in this market. While it may take some time for approval to be granted, the potential benefits are enormous. Approval for Solana spot ETFs could pave the way for greater acceptance of cryptocurrencies in traditional financial markets. Investors and industry professionals eagerly await the SEC’s decision, as it could have a significant impact on the future of crypto investments.