New York, Tuesday, July 16, 2024 – The Chicago Board Options Exchange (Cboe) on July 09 submitted filings to the Securities and Exchange Commission (SEC) for the listing of Solana-based exchange-traded funds (ETFs) from asset managers VanEck and 21Shares.
This request, made through 19b-4 filings, initiates a 240-day period for the SEC to approve or deny the proposed spot Solana ETFs.
In June, VanEck and 21Shares filed registration statements, known as S-1 filings, with the Securities and Exchange Commission (SEC) seeking approval to launch new products. The SEC must approve these filings before trading can begin, but the agency has established deadlines for reviewing such investor disclosure documents.
This marks a significant step for both firms as they seek to capitalize on growing investor interest in Solana, a high-performance blockchain known for its speed and low transaction costs.
The proposed ETF aims to provide exposure to Solana’s native cryptocurrency, SOL, offering investors a regulated vehicle to gain access to this digital asset.
The move by 21Shares and VanEck follows a broader trend of asset managers seeking to offer cryptocurrency-related products. The Solana ETF would join a growing list of digital asset ETFs that have gained traction in the market, reflecting the maturation of the cryptocurrency sector.
Solana’s appeal lies in its ability to handle thousands of transactions per second with minimal fees, making it attractive for various applications, including DeFi platforms and NFT marketplaces.
The approval of the Solana ETF by the Cboe would provide a regulated option for those looking to invest in the cryptocurrency, potentially driving further institutional adoption.
The filings are seen as the increasing institutional interest in Solana, which has rapidly emerged as a competitor to Ethereum in the decentralized finance (DeFi) and non-fungible token (NFT) spaces.
