Plans to introduce Solana ETFs are moving forward again. According to CoinGecko’ data, SOL is the most popular blockchain ecosystem this year, with Ethereum close behind.
Veteran player on a new field
The Chicago Board Options Exchange, the Cboe Global Markets filed a request with the U.S. Securities and Exchange Commission to list ETFs tied to Solana, come from VanEck and 21Shares.
This filing starts the SEC’s timeline to approve or deny the application, with a decision required within 240 days.
Rob Marrocco, the global head of ETP listings at Cboe Global Markets, shared that they’re responding to growing investor interest in SOL, which is one of the most actively traded cryptocurrencies after Bitcoin and Ethereum.
Cboe has previously listed the first U.S. Spot Bitcoin ETFs and received SEC approval for listing spot Ether ETFs.
Paperwork for paper crypto
VanEck filed an S-1 form with the SEC for SOL in June, followed by 21Shares the very next day.
An S-1 form is necessary for any new security offering to be listed on a national exchange, and the 19b-4 form is for self-regulatory organizations to inform the SEC of rule changes and requires approval.
Cboe isn’t solely focusing on SOL, as they received SEC approval for 19b-4 filings for Ethereum in May this year, and plan to start trading ETH ETFs soon, pending final approval. These products often need a two-stage approval process.
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Experts believe that if the Solana ETF gets approved, it will increase SOL’s liquidity and price big time, with expected inflows of about $3 billion over time, much of which could flow through ETFSwap.
Right now, Solana’s price is around $139.55. Despite the hype, there are also vocal criticisms of Solana due to multiple network blackouts in recent years, which some users say make it unfit for real financial use. Or any use.
