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VanEck, 21Shares Solana ETF Plan Confirmed in Cboe Filing

Jul 8, 2024
  • The Chicago Board Options Exchange (Cboe) has confirmed two asset managers’ plans to launch a Solana-based exchange-traded fund (ETF).
  • The options exchange submitted 19b-4 filings with the Securities and Exchanges Commission (SEC) on Monday, asking to list VanEck’s and 21Shares’ potential spot Solana ETFs.
  • Once the SEC acknowledges receipt of the filing, a 240-day window opens for the regulator to approve or deny the products.

As an analyst with a background in cryptocurrency and exchange-traded funds (ETFs), I’m closely following the latest developments at the Chicago Board Options Exchange (Cboe). The news of two asset managers, VanEck and 21Shares, planning to launch Solana-based ETFs is particularly intriguing.

The Chicago Board Options Exchange (Cboe) has requested regulatory approval from the Securities and Exchange Commission (SEC) for VanEck and 21Shares to launch a Solana-backed exchange-traded fund (ETF) in the financial markets.

As a researcher studying securities filings, I can share that The Exchange submitted two 19b-4 applications with the Securities and Exchanges Commission (SEC) on Monday. Upon acknowledgment of these filings by the SEC, a 240-day window ensues, during which the regulatory body is obligated to render a decision on the proposed products, subject to the provisions of the Securities Act of 1933 (SOL).

“Following the successful introduction of the first US Bitcoin ETFs on our platform and obtaining SEC approval for filing rule changes to list spot Ethereum ETFs, we are responding to growing investor demand for Solana – currently the third most frequently traded cryptocurrency following Bitcoin and Etherean,” Rob Marrocco, head of ETP listings at Cboe Global Markets, expressed in a statement.

Six out of the ten currently available spot Bitcoin Exchange-Traded Funds (ETFs) are listed on Cboe, including those issued by Fidelity, Ark/21Shares, and VanEck. If approved, Cboe would also serve as the listing exchange for five spot Ethereum ETFs.

According to industry experts, the Security and Exchange Commission (SEC) could give its approval for ether exchange-traded funds (ETFs) as early as this week. Several issuers submitted amended S-1 forms over Friday and earlier Monday. However, there might be another round of filings since the recent submissions lack fee information.

As a researcher studying the world of Exchange Traded Funds (ETFs), I can tell you that in June, both VanEck and 21Shares took significant strides towards listing their new ETFs by submitting the necessary regulatory filings. The first filing, an S-1, is required when an entity seeks to offer a new security for sale on the market.

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2024-07-09 00:58