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The Chicago Board Options Exchange (Cboe) has submitted a filing to the Securities and Exchange Commission (SEC) to introduce Solana exchange-traded funds. The largest options exchange in the United States is currently awaiting approval from the SEC.
According to filings made on Monday, the Cboe has announced that two asset management firms – VanEck and 21Shares – intend to list their SOL ETFs on the exchange.
Matthew Sigel, who leads digital assets at VanEck, referred to this as the “first Solana exchange-traded fund in the US,” pending approval.
“We anticipate engaging with the SEC throughout the review process,” he remarked.
We at @vaneck_us are excited to share that @CBOE has filed our 19b-4 to list and trade shares of the FIRST Solana exchange-traded fund in the US!
We look forward to engaging with the SEC during the review period.
— matthew sigel, recovering CFA (@matthew_sigel) July 8, 2024
The products named ‘VanEck Solana Trust’ and ‘21Shares Core Solana ETF’ are expected to generate similar interest as the spot Bitcoin ETFs that received SEC approval in January.
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If the SEC acknowledges the filings, a review period of 240 days will commence. During this timeframe, the regulator must reach a decision regarding the approval of the products.
Both asset managers submitted the S-1 form to the SEC to initiate the launch of the new Solana products in June. The approval of these products would represent the third wave of spot crypto ETFs.
Additionally, VanEck, 21Shares, and several other firms are awaiting the regulator’s approval for spot Ether ETFs. A report from Reuters indicated that two individuals familiar with the ETH ETFs approval process suggested that these products could be operational within the next week.
Cboe Move Signals Strong Interest in Solana
Cboe currently lists several spot Bitcoin ETFs and is preparing for a possible spot Ether ETF listing. The exchange is now focusing on the third most traded cryptocurrency – Solana. “We are now responding to the growing investor interest in Solana,” stated Rob Marrocco, global head of ETP listings at Cboe.
The options exchange features six spot Bitcoin ETFs, out of a total of 10 that have been approved by the regulator. This includes Bitcoin ETF offerings from Fidelity, Ark/21Shares, and VanEck.
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