CBOE Files with SEC to List Solana-Based ETFs
According to REUTERS. CBOE Global Markets has submitted a request to the U.S. Securities and Exchange Commission (SEC) to list exchange-traded funds (ETFs) linked to the cryptocurrency Solana. This filing requires the SEC to decide by March, as per agency rules which allow 240 calendar days for the evaluation of a "19b-4" application. These proposed ETF products, from VanEck and digital asset manager 21Shares, are the first to be tied to Solana, the fifth largest cryptocurrency, according to CoinGecko.
VanEck and 21Shares initially applied in June with the SEC to launch these new products. In addition to the "19b-4" application, the SEC must also approve the "S-1" filings related to investor disclosures before the ETFs can begin trading. However, the SEC's rules do not impose a specific deadline for the "S-1" filings.
If approved, these Solana ETFs would represent the third wave of spot cryptocurrency ETFs. This follows the SEC's approval in January of ETFs tied to Bitcoin prices, a significant development for the industry. Approval of these ETFs requires a two-stage process.
"We are now addressing the increasing investor interest in Solana – the third most actively traded cryptocurrency after Bitcoin and Ether," said Rob Marrocco, global head of ETP Listings at CBOE.
VanEck, 21Shares, and other issuers are also awaiting SEC approval to launch ETFs linked to the spot price of Ethereum, the second-largest cryptocurrency. According to sources familiar with the process, this approval is expected within the next week. Regulators have already approved the exchanges' applications to list and trade these new products.
Currently, the price of Solana is around $137.83, down from its peak of nearly $150 last month when the two ETF filings were initially submitted, according to CoinGecko data.