Key Points:
VanEck and 21Shares submitted forms to the SEC to launch spot Solana ETFs.
Approval could increase SOL’s price ninefold, and the Cboe compares these ETFs to existing Bitcoin and Ether ETFs.
Both firms also updated their Ethereum ETF filings, with SEC approval expected soon.
Asset management firms VanEck and 21Shares have filed 19b-4 forms with the Chicago Board Options Exchange (Cboe) to launch spot Solana (SOL) exchange-traded funds (ETFs).
VanEck and 21Shares File 19b-4 Forms for Spot Solana ETFs
The regulatory step is crucial for securing approval from the U.S. Securities and Exchange Commission (SEC) to list these ETFs on the Cboe BZX Exchange.
The Cboe compared the prospective spot Solana ETFs to the already approved spot Bitcoin and Ether ETFs, highlighting Solana's decentralization, throughput, and speed as factors that reduce the risk of manipulation. Once the SEC acknowledges the filings, the agency has 240 days to make a decision. Nate Geraci, president of the ETF Store, emphasized that this acknowledgment triggers a regulatory timeline.
Market Impact with Spot Solana ETFs
The 19b-4 form is essential for public recordkeeping by self-regulatory organizations like exchanges. However, this is only part of the process; the approval of the S-1 form is also required to enable trading of the registered products. VanEck had previously filed for the first spot Solana ETF in the US, with Matthew Sigel, Head of Digital Assets Research at VanEck, asserting that SOL is a commodity similar to Bitcoin and Ethereum.
Bloomberg ETF analyst Eric Balchunas indicated mid-March 2025 as the most likely deadline for the SEC’s decision on spot Solana ETFs, with November being critical due to the US presidential elections. Crypto market maker GSR Markets predicted that the approval and launch of spot Solana ETFs could potentially increase SOL’s price by ninefold.
Additionally, VanEck and 21Shares have filed altered S-1 registration statements for their respective Ethereum ETFs, aiming for SEC approval. Analysts expect the SEC to approve Ether ETFs imminently, though further submissions may be required to finalize fee information.
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