🚀Solana ETF Frenzy!
The Solana ETF race has started to heat up with big players entering into the mix
GM Thinkers 💡
Things are starting to heat up around the Solana ETF applications. VanEck was the first to file in the US, and now others are throwing their hat in the ring. The Chicago Board Options Exchange (Cboe) has confirmed two asset managers' plans to launch a Solana-based exchange-traded fund (ETF).
The options exchange submitted 19b-4 filings with the Securities and Exchange Commission (SEC) on Monday, asking to list VanEck's and 21Shares' potential spot Solana ETFs. Once the SEC acknowledges receipt of the filing, a 240-day window opens for the regulator to approve or deny the products.
"After successfully listing the first U.S. spot Bitcoin ETFs on our exchange and securing SEC approval for our rule filings to list spot Ether ETFs, we are now addressing the increasing investor interest in Solana – the third most actively traded cryptocurrency after Bitcoin and Ether," Rob Marrocco, global head of ETP listings at Cboe Global Markets, said in a statement.
Nate Geraci of the ETF Store tweeted, “Interesting to see Global Head of ETP Listings at Cboe comment on Solana ETF 19b-4 filings… Not something you see everyday.”
The question still remains if these Solana ETFs would get approved without a futures market, which Bitcoin and Ethereum both had, and the SEC has named Solana as a security in some of its lawsuits against crypto exchanges.
There is also the factor of the upcoming election. Eric Balchunas of Bloomberg tweeted, “Looks like Solana ETFs are going to have a final deadline of mid-March 2025. But between now and then the most important date is in November. If Biden wins, these likely DOA. If Trump wins, anything possible.”
I recently interviewed Matthew Sigel, VanEck’s Head of Digital Assets Research. We discussed the upcoming Ethereum ETF approvals and VanEck being the first to file for a Solana ETF in the US.
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