21Shares, VanEck file Solana ETFs on Cboe as SEC reviews, mirroring Brazil’s ETF success and SOL’s rising market momentum.
Institutional interest in Solana continues to grow as 21Shares and VanEck submit applications for Solana-focused exchange-traded funds (ETFs) on the Cboe BZX Exchange.
These filings align with a broader trend of increasing Solana ETF proposals, as Bitwise and Canary Capital have also taken similar steps. Bloomberg ETF analyst James Seyffart confirmed the filings in a post, highlighting the potential regulatory milestones ahead.
UPDATE: We have Solana ETF 19b-4 filings. This one is for @BitwiseInvest. Final deadline on this — if the SEC acknowledges it — will be around early August. pic.twitter.com/Jx5MJ9bWOG
— James Seyffart (@JSeyff) November 21, 2024
The U.S. Securities and Exchange Commission (SEC) is now actively engaging with issuers concerning the filed S-1 registration statements, marking progress in the approval process.
As Eleanor Terrett reported, the SEC’s interactions signal that exchanges may soon submit the required 19b-4 forms, which would initiate a 240-day review period. Approval remains contingent on the regulator’s acknowledgment of these filings, but optimism is mounting among market observers.
Regulatory Hurdles and Shifting Dynamics
Regulatory discussions around Solana ETFs have intensified, with recent developments underscoring the complexity of the approval process. Earlier this year, some Solana ETF-related documents briefly disappeared from the Cboe website, raising concerns about procedural or compliance issues. However, the subsequent restoration of these filings provided reassurance to stakeholders who were monitoring the situation.
This renewed focus on Solana ETFs coincides with shifting attitudes at the SEC, attributed to the anticipated pro-crypto stance of the incoming Donald Trump administration. These changes have fostered a more favorable outlook for ETF approvals, though challenges persist. The SEC’s decision-making process will hinge on the 19b-4 filings and the subsequent 240-day review timeline.
Brazil Sets Precedent for Solana ETFs
Globally, Brazil has emerged as a pioneer in launching Solana ETFs. In August 2024, the country approved two Solana ETFs, with the first, QSOL11, debuting at $10 per share on the B3 stock exchange.
The ETF quickly gained traction, amassing over $2.75 million in trading volume on its first day. This success highlights the growing appeal of Solana-focused financial products and their potential to attract investor interest.
If approved, these filings could significantly enhance Solana’s standing within the cryptocurrency ecosystem. Solana has already demonstrated substantial market momentum, with its price rising to $257.66—a 6.81% increase in 24 hours and 21.04% over the past week.
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