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VanEck, 21Shares’ Interest in Solana ETF Captured in Cboe Filing




The Chicago Board Options Exchange (Cboe) asked the SEC to permit asset managers VanEck and 21shares to introduce Solana-based ETFs to the US market.

The exchange earlier summited a pair of 19b-4 filings with the SEC asking permission to list these products after approval.

Once the SEC acknowledges the filing, it must decide on the products within 240 days. The successful listing of Spot Bitcoin ETFs and filings for Ethereum ETFs has boosted positivity for Solana ETF approval.

Cboe Chasing Solana Spot ETFs After Previous Listings 

Cboe already offers six of the ten Spot Bitcoin ETFs, including those from VanEck, Fidelity, and Ark/21Shares. Once it receives approval, the exchange will list five of the Spot Ether ETFs.

Following our listing of six spot #Bitcoin ETFs last week, Catherine Clay, Global Head of Derivatives, spoke to @CNBC‘s @BobPisani about what’s next for these #ETFs. (Hint: we’ve proposed listing options on these ETFs & are awaiting updates from the SEC.) https://t.co/imQOgJU1j8 pic.twitter.com/Xa5ofXnxpe

— Cboe (@CBOE) January 18, 2024

Some experts predict that the SEC will approve Ether ETFs within this week. Most issuers have already filed amended S-1 forms between Friday last week and Monday.

VanEck and 21Shares also completed the S-1 filing, a vital document for listing the Solana ETF products. The 19b-4 filing is the second step in the listing process. Like the S-1, the 19b-4 filling is also subject to evaluation and approval by the US SEC.

According to Nate Geraci, President of ETFStore, seeing the Cboe show interest in Solana ETF with 19b-4 filings is interesting. Geraci says there is increased investor interest in Solana, one of the most actively traded cryptocurrencies.

Interesting to see Global Head of ETP Listings at Cboe comment on solana ETF 19b-4 filings…

Not something you see everyday.

“We are now addressing the increasing investor interest in solana – one of the most actively traded cryptocurrency after bitcoin & ether.”

via @Reuters

— Nate Geraci (@NateGeraci) July 9, 2024

In an X post, Deriv Investments Limited remarked that US Spot Solana ETFs could boost SOL’s price ninefold. This prediction considers the performance of Spot Bitcoin ETFs and their influence on the price of BTC in 2024.

#𝗖𝗿𝘆𝗽𝘁𝗼 | 𝗦𝗢𝗟/𝗨𝗦𝗗

📊 Potential US spot Solana ETFs could boost SOL’s price ninefold, per GSR Markets, mirroring spot Bitcoin ETF success.

📉 The SEC’s security label on SOL complicates approval. Still, filings by 21 Shares and VanEck show strong institutional… pic.twitter.com/JJXaBzgl8l

— Deriv.com EU (@Deriv_EU) July 5, 2024

While the prospect of listing a Solana ETF in the US excites the market, the SEC’s labeling of Solana as a security might complicate the approval. Nevertheless, VanEck and 21Shares filings confirm substantial institutional interest in Spot Solana ETFs.

Meanwhile, Solana has shown progressive strides in its network developments. Solana’s NFT market has already surpassed Ethereum’s due to NFT compression and Firedancer software innovations.

How is Solana Faring Today?


VanEck, 21Shares’ Interest in Solana ETF Captured in Cboe Filing

SOL’s price is $140, slightly increasing in the past 24 hours. This price increase implies renewed interest from buyers in Solana.

SOL has formed a green candle on the daily chart as the buyers’ position for a short-term recovery. It has broken above the $136 resistance level, flipping it to support, and is approaching the $145 resistance level.

The long upper and lower wick on today’s candle shows that the buyers and sellers are evenly matched. Also, the RSI is 49.06, in the neutral zone and rising toward the overbought area. If the RSI moves above 50, SOL will likely trade above $145 in the coming days.

The MACD indicator is above its signal line, confirming the increasing buying pressure in the market today. If the buyers maintain their charge, SOL will likely break above the $145 resistance level in the coming days. Nevertheless, the current price setup calls for caution since the market is still volatile

Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.

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