The Chicago Board Options Exchange (CBOE) has formally requested the U.S. Securities and Exchange Commission (SEC) to allow asset managers VanEck and 21Shares to issue Solana spot ETFs.
CBOE filed two 19b-4 documents with the SEC on Monday requesting that the products be listed if they receive regulatory approval. Once the SEC acknowledges receipt of these filings, it must make a decision on whether these Solana-based ETF products can be marketed within 240 days.
Rob Marrocco, global head of ETP listings at CBOE Global Markets, said:
Following the successful listing of the first U.S. Bitcoin spot ETFs on our exchange and receiving SEC approval of our proposed regulations to list an Ethereum spot ETF, we are now responding to growing investor interest in Solana and Solana is the third most actively traded cryptocurrency, behind Bitcoin and Ethereum.
VanEck and 21Shares both filed in June this year the necessary documents to list the Solana ETF "S-1 representation", which is the document that entities seeking to issue new securities in the market must submit. The second required step in the process is a 19b-4 filing, which is intended to notify the SEC of proposed rule changes by self-regulatory organizations (SROs) such as exchanges.
This is the first time a fund manager has attempted to launch the Solana spot ETF in the United States. Although many analysts say that the launch of Solana spot ETF is inevitable as the U.S. SEC will soon release Ethereum spot ETF, at the same time, there are also voices in the market expressing doubts.
There are currently 6 Bitcoin spot ETFs listed on CBOE, including ETF products issued by Fidelity, Ark/21Shares and VanEck. If the Ethereum spot ETF is approved next, five of them will also be listed on CBOE.
Separately, industry analysts expect the SEC to approve Ethereum spot ETFs as soon as this week, with many issuers filing revised S-1 forms last Friday and earlier this Monday. There may be another round of revised forms in the future, as most of the documents do not contain any fee information.
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