Solana ETF Faces Setback as Filing Documents Disappear from CBOE

  • SEC’s inaction on Solana ETF filings signals likely rejection, echoing past disapproval.
  • Disappearance of key documents from CBOE raises concerns about the Solana ETF’s future.

After the spark of hope for Solana ETF approval and PayPal’s Stablecoin Boost fueling expectations for a SOL rally to $175 in our recent discussion, VanEck and 21Shares submitted a Form 19b-4 to the SEC on July 8 to launch a Solana ETF on the CBOE. This form, which follows the initial S-1 filing, is required for proposing a new exchange-traded product.

However, in a turn of events, the SEC has not published a filing notice for this Solana ETF, signaling a potential rejection. The absence of this notice is a significant indicator that the Solana ETF may not be approved. This marks VanEck and 21Shares’ second attempt to launch a Solana ETF, following a previous rejection.

Despite the success of Bitcoin and Ethereum ETFs, the SEC remains hesitant to approve an ETF for Solana, possibly due to its classification as a security. In a recent tweet, Nate Geraci, President of ETF Store and Host of ETF Prime, stated,

Solana ETF not happening anytime soon under the current administration.

Current and Future Prospects

An X account from SummersThings shared that the Forms 19b-4 for VanEck and 21Shares Solana ETFs seem to have been removed from the CBOE website. Documents SR-CboeBZX-2024-066 and SR-CboeBZX-2024-067 are no longer accessible via direct links and are absent from BZX Pending Rule Changes.

Additionally, although these applications were filed on July 8, the SEC never issued Notices of Filing for them. This raises the question of whether the 19b-4 forms were withdrawn. SOL’s price surged by 1.08% in the past day to $142.87, with a decrease of 0.86% over the past week. See SOL price chart below.


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Source: https://www.crypto-news-flash.com/solana-etf-faces-setback-as-filing-documents-disappear-from-cboe/?utm_source=rss&utm_medium=rss&utm_campaign=solana-etf-faces-setback-as-filing-documents-disappear-from-cboe