Crypto News – Cboe Seeks SEC Approval for VanEck and 21Shares Solana ETF

Crypto News – Cboe Files for Solana ETF by VanEck and 21Shares with SEC

Crypto News – The Chicago Board Options Exchange (Cboe) has officially submitted 19b-4 filings to the Securities and Exchange Commission (SEC) requesting approval for a Solana-based exchange-traded fund (ETF) proposed by asset managers VanEck and 21Shares.

Key Details of the Filing:

• Cboe lodged the filings on Monday, seeking SEC approval to list the Solana ETF once sanctioned by the regulator.
• Upon SEC acknowledgment, a 240-day decision window opens for regulatory approval of the ETF, which would be backed by SOL, Solana’s native cryptocurrency.

Cboe’s Perspective

Rob Marrocco, Cboe Global Markets’ global head of ETP listings, highlighted their success with U.S. spot Bitcoin ETFs and SEC approvals for spot Ether ETFs. He noted the growing investor interest in Solana, currently the third most actively traded cryptocurrency.

Cboe already lists six out of the existing ten spot Bitcoin ETFs, including offerings from Fidelity, Ark/21Shares, and VanEck. They are also slated to be the listing exchange for five spot Ether ETFs pending SEC approval.

Market Expectations and SEC Approval

Analysts anticipate imminent SEC approval for Ether ETFs, with issuers amending S-1 forms throughout Friday and Monday. Further amendments may follow as filings currently lack fee details.

Both VanEck and 21Shares initiated the ETF process in June with an S-1 filing, a prerequisite for offering new securities. The subsequent 19b-4 filing informs the SEC of proposed rule changes by a self-regulatory organization like an exchange.

This move underscores Cboe’s strategic expansion in the ETF market, positioning itself to cater to burgeoning investor interest in Solana alongside established offerings in Bitcoin and potentially Ether ETFs.

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