VanEck and 21Shares’ Solana ETF Filings Vanish from CBOE Amid SEC Rejection, SOL Price Stays Stable

• In a surprising twist, VanEck and 21Shares’ submissions for Solana ETFs have disappeared from the CBOE website.
• The SEC’s rejection appears to be the reason behind the removal, yet SOL’s price remains relatively unaffected.
• Matthew Sigel from VanEck has assured stakeholders that their Solana ETF proposal is still in play despite the recent setback.

Explore the latest developments in the world of Solana ETFs and understand the market implications.

Sudden Removal of Solana ETF Filings from CBOE Website

In an unforeseen development, VanEck and 21Shares’ 19b-4 filings for spot Solana ETFs have mysteriously vanished from the Chicago Board Options Exchange (CBOE) website. This action follows the SEC’s reported rejection of these critical filings. Despite the regulatory hurdle, market analysts are closely monitoring the situation, as the SOL price remains surprisingly stable.

SEC Rejection and Market Stability

Sources familiar with the matter revealed that the U.S. Securities and Exchange Commission (SEC) had turned down the CBOE BZX’s filings for these Solana ETFs, prompting their removal from the site. However, the digital asset community received a statement from Matthew Sigel, head of digital assets research at VanEck, who provided reassurance by stating that their ETF application remains under consideration. Sigel took to X (formerly known as Twitter) to clarify that despite the withdrawal of the filings, the proposal is still alive.

The Filing Process and Regulatory Hurdles

For those unacquainted with the procedural intricacies, the CBOE submitted a 19b-4 filing to the SEC on 9th July, seeking approval to list the proposed Solana ETFs by VanEck and 21Shares. This type of filing is distinct from the S-1 forms that issuers typically submit. By 9th August, the filing had been removed from CBOE’s website, sparking speculation regarding the status and future prospects of the ETF proposals. Notably, the SEC’s rejection does not mark the end of the road; the filings can be revised and resubmitted with more robust justifications.

Market Reaction and Price Dynamics

Interestingly, the news has not significantly impacted the price of Solana (SOL). Despite the uncertainty, SOL displayed a minor increase of 1.3% over the last 24 hours, trading at $145.37 according to CoinMarketCap. Technical indicators, including the closing Bollinger Bands and the Relative Strength Index (RSI), suggest a prevailing bearish sentiment. However, market analysts remain optimistic that if SOL surpasses a critical resistance level of $157.34, a bullish trend could gain momentum, potentially reversing the bearish outlook.

Conclusion

In summary, the removal of VanEck and 21Shares’ Solana ETF filings from the CBOE website has introduced an element of uncertainty but has not significantly disrupted the market. While the SEC’s rejection poses a regulatory challenge, the possibility of revising and resubmitting the filings provides a glimmer of hope for investors. Stakeholders should stay informed and watch for further developments, as the evolving regulatory landscape continues to shape the future of Solana ETFs.