Solana

United

Biden

<ul>
 <li aria-level="1">Cboe files for approval with the SECs to list Solana-based ETFs.</li>
 <li aria-level="1">The potential listing of Solana ETFs will expand Cboe’s product portfolio in the cryptocurrency space.</li>
</ul>
Leading asset management firms VanEck and 21Shares are set to introduce Solana ETFs in the United States. The Chicago Board Options Exchange (Cboe) has now officially filed for approval with the Securities and Exchange Commission (SEC) <a href="https://www.crypto-news-flash.com/vanecks-solana-etf-filing-a-high-stakes-gamble-on-trumps-re-election/" target="_blank" rel="noopener noreferrer nofollow">to list Solana-based ETFs. </a>The Cboe then filed for two 19b-4 waivers with the SEC to list these new products that would be underpinned by Solana (SOL).&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 We at <a href="https://twitter.com/vaneck_us?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@vaneck_us</a> are pleased to announce that <a href="https://twitter.com/CBOE?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@CBOE</a> 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) <a href="https://twitter.com/matthew_sigel/status/1810408354528833819?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 8, 2024</a>
</blockquote>
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Following the approval for the first U.S. spot Bitcoin ETFs and <a href="https://www.crypto-news-flash.com/21shares-advances-spot-ethereum-etf-approval-with-updated-s-1-filing/" target="_blank" rel="noopener noreferrer nofollow">requesting approval </a>for spot Ether ETFs, Cboe is now turning its attention to Solana, the third most actively traded cryptocurrency. Rob Marrocco, the Global Head of ETP Listings at Cboe Global Markets, said that more investors are looking at Solana, and this is where the exchange wants to be.&nbsp;
The submission of the 19b-4 filings is a significant step in the regulatory process. Upon the notice of receipt by the SEC, a 240-day period starts, and within this period, the SEC is supposed to make a decision concerning the proposed ETFs.&nbsp;
&nbsp;Cboe currently has six out of the ten spot Bitcoin ETFs, including those from Fidelity, Ark/21Shares, and VanEck. The exchange plans to list five spot Ether ETFs provided that they receive the green light from the SEC. The potential listing of Solana ETFs will expand Cboe’s product portfolio in the cryptocurrency space and enhance its presence in the digital asset market.&nbsp;
<h3 id="strong-regulatory-process-begins-after-filing-acknowledgment-strong">Regulatory Process Begins After Filing Acknowledgment</h3>
For VanEck and 21Shares, the path to listing Solana-based ETFs <a href="https://www.crypto-news-flash.com/breaking-21shares-files-for-solana-etf-in-the-us-following-vanecks-lead/" target="_blank" rel="noopener noreferrer nofollow">involves two key filings.</a> In June, both firms filed the S-1 form which is a legal document required for the offering of new securities. The recent 19b-4 filings are the subsequent development, which is the submission to the SEC of the proposed rule change by an SRO such as the Cboe.&nbsp;
The SEC’s decision-making window provides adequate consideration of the impact of the products proposed in the market and the protection of the investors. The approval of Solana-based ETFs would be monumental, paving the way for more products in the cryptocurrency ETF landscape.
In addition to the Solana filings, other asset management companies such as VanEck, Grayscale, and 21Shares also submitted S-1 filings. According to Bloomberg ETF analyst Eric Balchunas, neither the 21Shares nor the Grayscale Ethereum Mini Trust filings disclosed fees. Balchunas also stated that the spot Ethereum ETF approvals could be seen before July 18th.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 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. <a href="https://t.co/ywkf6oA8Rc" rel="noopener noreferrer nofollow">https://t.co/ywkf6oA8Rc</a>
 — Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1810425019853324721?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 8, 2024</a>
</blockquote>
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<h3 id="strong-solana-price-surges-amid-etf-filing-news-strong">Solana Price Surges Amid ETF Filing News</h3>
Solana’s price action has been notable, with a 2% increase in the past 24 hours trading at $141.87. The cryptocurrency’s trading volume rose by 17.35%, reaching $3.2 billion, and its market capitalization now stands at $65.2 billion. Despite this surge, Solana remains 45.31% below its all-time high of $260.06, recorded on November 7, 2021. Approval of the Solana ETF could potentially drive the altcoin to new highs.

<div class="cryptoboxes" id="mcw-126000" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-coin="solana" data-symbol="SOL" data-currency="USD" data-rate="1.000268" data-type="chart" data-view="month" data-theme="light" data-smooth="true" data-areacolor="" data-bgcolor=""></div>
</div>
James Seyffart a Bloomberg analyst,<a href="https://twitter.com/JSeyff/status/1806322096924217412" target="_blank" rel="noopener noreferrer nofollow"> noted</a> that approval of spot Solana ETFs is uncertain, but a shift in the leadership of the SEC could have an impact. If Biden loses the elections in the future, the new president may approve the ETFs before 2025.&nbsp;
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Solana ETF Approved: VanEck and 21Shares Make Crypto History

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Crypto News Flash

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