Solana

Asset manager VanEck’s plans for a Solana exchange-traded fund (ETF) are “still in play” despite the removal of Cboe Global Markets’ regulatory filing proposing to list the fund on its exchange, according to an X&nbsp;post&nbsp;by Matthew Sigel, VanEck’s head of digital assets research.
“Some have noticed that the 19b-4 for the VanEck Solana ETF has been removed from the CBOE website,” Sigel <a href="https://x.com/matthew_sigel/status/1825630561865715912" target="_blank" rel="noopener nofollow">said</a>, adding:
<blockquote>
 “Remember that Exchanges like Nasdaq &amp; CBOE file rule changes (19b-4) to list new ETFs. Issuers like VanEck are responsible for the prospectus (S-1). Ours remains in play.”
</blockquote>
On July 9, national securities exchange Cboe <a href="https://www.reuters.com/technology/cboe-files-sec-approval-list-solana-etfs-starts-clock-required-decision-2024-07-08/" target="_blank" rel="noopener nofollow">filed</a> a request with the United States Securities and Exchange Commission seeking to list VanEck’s and 21Shares’ planned SOL (<a href="https://cointelegraph.com/solana-price-index">SOL</a>)&nbsp;ETFs and asking the SEC to make a final decision by March. The filing is referred to as a 19b-4 and is distinct from the S-1s filed by issuers.&nbsp;
As of Aug. 9, the 19b-4 filing ceased to be visible on Cboe’s website, prompting speculation about the status of the proposed investment funds. 
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 <img src="https://s3.cointelegraph.com/uploads/2024-08/ca76bda2-6272-4675-b06f-e93617067076.png" alt="Solana ETF ‘still in play’ despite Cboe filing removal — VanEck exec" title="">
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 BTC and ETH dominate SOL by market capitalization. Source: CoinGecko
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Related: <a href="https://cointelegraph.com/news/solana-etfs-significant-demand-sygnum-research-head">Solana ETFs will not see significant demand — Sygnum research head</a>
“Forms 19b-4 for VanEck and 21Shares Solana ETFs appear to have been removed from the CBOE website,” Summers, co-founder of intelligence network Synoptic, <a href="https://x.com/SummersThings/status/1824596192929464581" target="_blank" rel="noopener nofollow">pointed out</a> in an X post. “My question is, does it mean that 19b-4s were withdrawn?”
Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) and Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) ETFs launched in January and July, respectively, using an atypical “grantor trust” fund structure typically designed for funds that passively hold a single type of commodity. Issuers say the success of similar proposals may hinge on whether proposed Solana ETFs can conform to a similar structure. 
“VanEck believes SOL is a commodity, much like BTC and ETH. This belief is informed by evolving legal perspectives, where courts and regulators have begun to recognize that certain crypto assets may function as securities in primary markets but behave more like commodities in secondary markets,” according to Sigel. 
“We remain committed to advocating this position alongside our exchange partners to the appropriate regulators,” he said.
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Solana ETF ‘still in play’ despite Cboe filing removal — VanEck exec

Cointelegraph

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