Cboe Global Markets Seeks SEC Approval for Solana ETFs

As a seasoned crypto investor with a keen eye for market trends, I see this news as an exciting development that could significantly boost Solana’s visibility and liquidity. The potential listing of the first Solana ETFs on Cboe is a clear indication of growing institutional interest in this rapidly expanding cryptocurrency.

Cboe Global Markets has initiated the process for the SEC’s approval to introduce Solana-tied ETFs (exchange-traded funds) on its platform (CBOE.Z). The SEC, according to their regulations, has until March 2025 to make a decision – a timeline of approximately 240 business days is allotted for reviewing such proposals.

An “19b-4” filing in the application proposes the listing of Solana Exchange-Traded Funds (ETFs) from VanEck and 21Shares. If granted, these funds would represent the first ETFs connected to Solana, currently ranked fifth among cryptocurrencies on CoinGecko by market capitalization.

VanEck and 21Shares intended to debut their new exchange-traded funds (ETFs) in June. However, before these ETFs could begin trading, the SEC needed to give its approval to their “S-1” filings. Unlike the 19b-4 applications, which have specific deadlines, there is no predetermined timeline for S-1 approvals.

As a researcher studying the world of cryptocurrency exchange-traded funds (ETFs), I can tell you that the potential approval of Solana ETFs would represent a significant development in this field. This third wave of spot cryptocurrency ETFs comes on the heels of the SEC’s groundbreaking decision to approve Bitcoin-linked ETFs in January.

“Rob Marroco, global head of ETP Listings at Cboe, is commenting on the rising demand from investors in Solana, a highly traded cryptocurrency next to Bitcoin and Ethere,” is one way to paraphrase that statement.

As a researcher following the crypto space, I’ve noticed that VanEck, 21Shares, and other issuers are eagerly anticipating SEC approval for Ethereum-linked Exchange Traded Funds (ETFs). Insiders hint that this approval could be imminent, with regulators reportedly having already given the green light for these ETFs to be listed and traded on exchanges.

As a cryptocurrency market analyst, I’ve observed that Solana’s price currently hovers around $137.83, which is a noticeable decrease from its value of nearly $150 last month when ETF filings were initially submitted, based on CoinGecko data. This shift signifies the expanding institutional interest and potential mainstream acceptance of cryptocurrency-backed financial instruments.

Read More

2024-07-09 15:48