Solana ETF filings run into trouble: ‘This is why there won’t be a SOL ETF’

• VanEck and 21Shares’ Solana ETF filings were removed from the CBOE website. 
• Despite filing issues, the SOL price looked stable, but bearish momentum persisted. 

In an unexpected turn of events, VanEck and 21Shares’ 19b-4 filings for spot Solana [SOL] ETFs have mysteriously vanished from the Chicago Board Options Exchange (CBOE) website.

No scope for Solana ETF?

According to sources familiar with the matter, the U.S. Securities and Exchange Commission (SEC) had rejected CBOE BZX’s filings for these Solana ETFs, which led to their removal from the site.

However, despite the removal of the filings from the CBOE website, Matthew Sigel, head of digital assets research at VanEck, has provided reassurance.

Execes remain optimistic

In a recent update on X (formerly Twitter), Sigel affirmed that their ETF application is still under consideration, stating, “ours remains in play.”

This statement aims to remove concerns and clarify that the withdrawal of the filings does not signal the end of their Solana ETF proposal.

“Remember that Exchanges like Nasdaq & CBOE file rule changes (19b-4) to list new ETFs. Issuers like VanEck are responsible for the prospectus (S-1). Ours remains in play.” 

What’s going on?

For those unaware, on the 9th of July, CBOE submitted a 19b-4 filing to the SEC, requesting approval to list VanEck’s and 21Shares’ proposed Solana ETFs.

This filing is separate from the S-1 forms typically submitted by issuers.

However, as of the 9th of August, the filing was no longer visible on CBOE’s website, leading to speculation about the current status and potential withdrawal of the ETF proposals. 

Notably, the SEC’s rejection of the 19b-4 forms means the Solana ETF applications haven’t moved forward for approval.

However, these forms can be revised and resubmitted with stronger arguments.

That being said, this news seemed to not upset many, as noted by an X user- Sssebi, who said, 

“At this point all the experienced people know what a scam Solana is this is why there won’t be a Sol ETF.” 

Was SOL’s price affected?

SOL’s price action also remained relatively stable despite the news, showing a modest increase of 1.3% in the past 24 hours and trading at $145.37 according to CoinMarketCap.

However, the closing Bollinger Bands and the Relative Strength Index (RSI) lying below the neutral level, indicated persistent bearish sentiment that might stay for longer. 

But, if SOL manages to surpass the resistance level of $157.34, bullish momentum may begin to outpace the bears.

Source: Trading View