Is Solana ETF Finally Launching After BTC and ETH?

Matthew Sigel, the head of VanEck’s digital assets research, tweeted two hours ago that the CBOE has submitted their 19b-4 form for the Solana ETF.

The Solana ETF is entering a very critical phase this week. In a major development, investment behemoth VanEck and 21Shares have filed 19b-4 papers with the US Securities and Exchange Commission (SEC) to introduce the Solana (SOL) spot ETFs. This is a vital part of the regulatory process that will determine whether these ETFs can be listed on the Cboe BZX Exchange.

It all began a few days ago, on June 27, 2024, VanEck filed form S-1, and on June 28, 2024, 21Shares did the same. Given the present legislative uncertainty surrounding crypto staking, it is probable that these ETFs will refrain from participating in staking activities, instead providing investors with direct exposure to Solana through tracking its spot price.

History and Previous Attempts

VanEck and 21Shares had attempted to launch Solana ETFs previously. They have been promoting this for months by emphasising how committed they are to increasing the number of bitcoin investing possibilities. Regulatory obstacles hampered their previous endeavours, but they show no signs of relenting.

Ethereum ETF Updates

In addition to concentrating on Solana, VanEck and 21Shares have been making great strides with Ethereum (ETH) ETFs. Their 19b-4 filings for Ethereum ETFs were accepted by the SEC in May 2024, and the funds are expected to begin trading shortly. This is a critical time since the approval represents a significant victory and raises hopes for the possible approval of Solana ETFs.

Expert insights and market reactions

The two investment behemoths’ move is a major boon for cryptocurrency. The initial filing triggered a dramatic increase in the price of solana.The market’s reaction to the 19b filing is anticipated to be similar, according to experts.

If these ETFs are greenlit, experts predict a dramatic increase in trading volume and liquidity for Solana. There are, nevertheless, ongoing issues. There is currently no regulated futures market for Solana, which the SEC considers crucial for ETF certification, and the SEC continues to view SOL as a security.

Looking Ahead

This market is very competitive, as evidenced by the simultaneous efforts of VanEck and 21Shares to have their crypto ETFs approved. Although this may take some time to implement, the potential payoff might be substantial. Approval of Solana spot ETFs would pave the way for further use of cryptocurrency in traditional financial markets as regulations evolve. Everyone in the crypto business and among investors is waiting with bated breath for the SEC’s decision, which may have far-reaching consequences for the future of crypto investments.