Solana ETF Proposals Progress as SEC Decision Looms
The post Solana ETF Proposals Progress as SEC Decision Looms appeared on BitcoinEthereumNews.com.
VanEck and 21Shares are intensifying efforts to introduce Solana-focused ETFs (exchange-traded funds) in the US. The firms filed their proposals with the Chicago Board Options Exchange (Cboe) following earlier applications with the Securities and Exchange Commission (SEC). Filing with the Cboe signals progress, as the exchange plays a crucial role in ensuring these ETFs meet regulatory and operational standards before market listing. Solana ETF Momentum Grows Despite Challenges VanEck and 21Shares, prominent asset management firms, have joined Bitwise and Canary Capital in filing for Solana ETFs on the Cboe BZX Exchange. Bloomberg ETF analyst James Seyffart confirmed the development in an early Friday post on X (formerly Twitter). “In total CBOE just filed for 4 Solana ETFs. One for VanEck, 21Shares Canary Capital, and Bitwise. The ball is in SEC’s court now,” Seyffart noted. It marks a significant development in cryptocurrency investment offerings, with the proposed ETFs classified as “commodity-based trust shares” under Rule 14.11 (e)(4). The filings now await the SEC’s formal acceptance. Cboe’s move to list four Solana ETFs highlights its commitment to expanding cryptocurrency product offerings. The proposal aligns with the exchange’s efforts to integrate digital assets into traditional markets. With VanEck, 21Shares, Bitwise, and Canary Capital at the forefront, the introduction of Solana ETFs could enhance the blockchain’s visibility and adoption. If successful, these filings could bolster Solana’s standing in the crypto ecosystem, potentially driving liquidity and influencing broader market trends. According to BeInCrypto data, Solana’s powering token is up by almost 10% amid ETF optimism. As of this writing, SOL was trading for $259.20 SOL Price Performance. Source: BeInCrypto VanEck and 21Shares had previously filed applications for Solana ETFs with the SEC in June 2024, one after the other. These initial filings laid the groundwork for their recent Cboe applications, signaling a progression toward regulatory…
Filed under: News - @ November 22, 2024 8:23 am