Global NewsMarkets

Cboe Seeks SEC Approval for Solana ETFs, Initiates Decision Countdown

On July 8, the Chicago Board Options Exchange (Cboe) made a significant move by requesting the SEC to approve the listing of Solana-based exchange-traded funds (ETFs) from VanEck and 21Shares.

This submission marks the beginning of a 240-day decision window for the SEC to approve or deny the application, a critical step for introducing the first Solana ETFs to the market.

Cboe’s 19b-4 filings are part of a rigorous two-stage approval process necessary for launching these ETFs. The initial step, completed by VanEck and 21Shares in June, involved submitting S-1 filings, which also require SEC approval before trading can commence. This development highlights the growing interest in Solana, now the fifth-largest cryptocurrency, and highlights Cboe’s commitment to expanding its digital asset offerings.

Rob Marrocco, global head of ETP listings at Cboe, emphasized the increasing investor demand for Solana, a cryptocurrency rapidly gaining traction behind Bitcoin and Ethereum. The proposed ETFs reflect Cboe’s strategic response to market trends and investor interest.

If approved, these products would join the ranks of Bitcoin and potential Ethereum ETFs, marking a new phase in the cryptocurrency ETF landscape. Analysts predict the SEC could approve Ethereum ETFs soon, following recent regulatory filings.

Cboe already lists several spot Bitcoin ETFs and is poised to list spot Ether ETFs upon approval. This latest initiative aligns with Cboe’s strategy to lead in cryptocurrency investments and adapt to the dynamic digital asset market.

The Solana ETF proposal comes at a time when Solana’s price is experiencing fluctuations, currently hovering around $137.83, slightly down from its peak last month. The market’s response to these filings indicates strong anticipation and interest in Solana’s potential as a major cryptocurrency.

These combined efforts by Cboe, VanEck, and 21Shares highlight a major advancement in the cryptocurrency market, paving the way for more diverse and robust investment opportunities in the blockchain space.


News Desk

UNLOCK Blockchain News Desk is fueled by a passionate team of young individuals deeply immersed in the world of Blockchain and Crypto. Our mission? To keep you, our loyal reader, on the cutting edge of industry news. Drop us a line at info(@) to connect with our team and stay ahead of the curve!

Related Articles

Back to top button