As a seasoned crypto investor with a keen interest in ETFs and their impact on the market, I’m thrilled about the latest development regarding the Solana ETF applications submitted by VanEck and 21Shares. The Cboe’s backing of these applications is an encouraging sign for the entire cryptocurrency industry, indicating growing acceptance and institutional adoption.
The Chicago Board Options Exchange (Cboe), famous for facilitating Bitcoin exchange-traded fund (ETF) transactions that received approval earlier in the year, has expressed its backing for the Solana-focused spot ETF proposals submitted by asset managers VanEck and 21Shares.
On Mondays, the Cboe filed a proposal with the SEC aiming to launch ETFs based on Solana, an action generating buzz among market specialists.
Solana ETF Market Moves Closer To Approval
As an ETF researcher, I’ve come across some intriguing news. Nate Geraci, a well-known ETF expert, shared that the Cboe Exchange has submitted “19b-4” forms for both the VanEck and 21Shares Solana ETFs. According to Geraci, once the Securities and Exchange Commission (SEC) acknowledges these filings, the review process commences, leading to formal application revisions.
As a securities analyst, I want to highlight that under SEC guidelines, Cboe’s 19b-4 application for listing the VanEck and 21Shares products is subject to a maximum review period of 240 days. Consequently, if approved, an official statement regarding the decision on these applications would be released by the SEC no later than March 5, 2025.
As a researcher, I’ve come across some intriguing news regarding VanEck and 21Shares. They submitted “S-1” filings to the Securities and Exchange Commission (SEC) in June with the intention of launching new products. Nevertheless, it is important to note that the SEC still needs to approve these investor disclosure filings before trading can begin.
If given the green light, Solana ETFs signify a major advancement in the crypto sector, building upon the SEC’s previous approval of Bitcoin ETFs this year. This development could boost Solana’s usage and provide increased visibility for both individual and institutional investors.
Expert Predicts Potential Impact Of US November Election
I, Rob Marrocco, global head of ETP Listings at Cboe, spoke with Reuters about our exchange’s dedication to catering to the growing investor demand for Solana. This cryptocurrency, which trails only Bitcoin and Ethereum in terms of trading activity, has piqued significant interest among investors.
Eric Balchunas, an ETF specialist at Bloomberg, expressed his viewpoint, indicating that the application process for Solana ETFs is expected to reach a conclusive stage around mid-March 2025. He also highlighted the importance of the approaching November election in this context.
Should President Biden secure the victory, potential hurdles may emerge in the approval process given the SEC’s historical antagonistic stance towards the industry under his administration.
If former President Trump were to be elected again and maintains a favorable view towards cryptocurrencies, the mid-March deadline could bring about favorable consequences for asset managers, as per Balchuna’s assessment.
VanEck, 21Shares, and other financial firms, including BlackRock, are still seeking the Securities and Exchange Commission’s (SEC) approval before they can introduce Ethereum-backed exchange-traded funds (ETFs) on the market. These ETFs would track the current value of Ethereum as the second largest cryptocurrency.
Based on information from reliable sources, Reuters was told that it is expected that the regulatory approval for listing and trading Ethereum ETFs will be granted within the upcoming week. These sources indicated that the necessary approvals for the Cboe’s application have already been obtained.
Currently, Solana’s token SOL is being bought and sold at $141, marking a 4.5% increase within the past 24 hours. The optimistic outlook among investors regarding the prospective approval of index funds for Solana is fueling this bullish trend.
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2024-07-09 23:42