VanEck and 21Shares file for Solana spot ETFs.
Potential ETF approval could boost Solana’s adoption.
Top Solana altcoins may experience rapid growth.
The approval of the Ethereum ETF, close on the heels of the Bitcoin ETF approvals earlier this year, significantly boosted market confidence in cryptocurrency exchange-traded funds.
In light of this, recent speculation regarding a Solana ETF appears more credible and intriguing. The approval of such an ETF could have a profound impact on the Solana ecosystem.
Matthew Sigel, head of VanEck’s digital assets research, recently disclosed on X (formerly Twitter) that the CBOE had filed its 19b-4 form for the Solana ETF.
We at @vaneck_us are pleased to announce that @CBOE just filed our 19b-4 to list and trade shares of the FIRST Solana exchange-traded fund in the US!We look forward to engaging with the SEC during the review period.
— matthew sigel, recovering CFA (@matthew_sigel) July 8, 2024
This week, the Solana ETF took a significant turn. The U.S. SEC received 19b-4 forms from investment giants VanEck and 21Shares, signaling the start of the regulatory process to list Solana (SOL) spot exchange-traded funds (ETFs). Clearance at this stage is necessary for these ETFs to be listed on the Cboe BZX Exchange.
VanEck filed form S-1 on June 27, 2024, followed by 21Shares on June 28, 2024. These ETFs are not designed as staking vehicles due to current regulatory challenges in the cryptocurrency staking arena. Instead, they aim to provide investors with direct exposure to Solana by tracking its spot price.
VanEck and 21Shares have been consistent in their mission to diversify bitcoin investment options, as evidenced by their previous attempts to introduce Solana ETFs.
Looks like Solana ETFs are going to have a final deadline of mid-March 2025. But between now and then the most imp date is in November. If Biden wins, these likely DOA. If Trump wins, anything poss. https://t.co/ywkf6oA8Rc
— Eric Balchunas (@EricBalchunas) July 8, 2024
If this report is accurate, Solana’s altcoins could experience rapid growth. Here are the top promising $SOL altcoins:
Jupiter
Source: Coinmarketcap
The leading liquidity aggregator on the Solana blockchain, providing a diverse selection of tokens and the most optimal trading channels for all token combinations.
Price: $0.76
Market Cap: $1.03B
Jito ($JTO)
Source: Coinmarketcap
A liquidity staking token on the Solana blockchain created by Jito that offers staking opportunities with MEV incentives.
Price: $2.074
Market Cap: $255m
3. Tensor Marketplace
Source: Coinmarketcap
The second-largest NFT marketplace on Solana.
Price: $0.45
Market Cap: $56M
4. Parcl v3
Source: Coinmarketcap
The perpetual exchange for real estate synthetics.
Price: $0.205
Market Cap: $25M
Final thoughts
The potential approval of the Solana ETF represents a significant milestone for the cryptocurrency market, potentially increasing confidence and attracting institutional interest.
As the regulatory environment gains momentum, the growth of the Solana ETF will be a crucial factor to watch. It demonstrates the widening acceptance and integration of cryptocurrencies into mainstream financial markets.
The post Solana ETF Filing News: VanEck and 21Shares Submit Applications to SEC appeared first on Coin Edition.