Cboe Global Markets (CBOE.Z) has filed a request with the U.S. Securities and Exchange Commission (SEC) to list exchange-traded funds (ETFs) linked to Solana, a rapidly growing cryptocurrency. This move requires the SEC to decide by March 2025, as per their regulations, which allow 240 calendar days for the review of such applications.
The application, known as a “19b-4” filing, proposes listing Solana ETFs from VanEck and digital asset manager 21Shares. If approved, these would be the first ETFs tied to Solana, currently the fifth-largest cryptocurrency according to CoinGecko.
VanEck and 21Shares initially applied to launch these products in June. The SEC must also approve their “S-1” filings, which are crucial for investor disclosure before these ETFs can start trading. Unlike the 19b-4 applications, there is no set deadline for the S-1 approvals.
Approval of these Solana ETFs would signify a third wave of spot cryptocurrency ETFs, following the SEC’s landmark decision in January to approve ETFs tied to Bitcoin’s price. This approval process requires two stages: the initial exchange listing application and the subsequent investor disclosure approval.
“We are now addressing the increasing investor interest in Solana – one of the most actively traded cryptocurrencies after Bitcoin and Ether,” said Rob Marrocco, global head of ETP Listings at Cboe.
Meanwhile, VanEck, 21Shares, and other issuers are also awaiting SEC approval for ETFs tied to Ethereum, the second-largest cryptocurrency. Insiders suggest this approval could be granted within the next week, with regulators already having approved the exchanges’ application to list and trade these new products.
Currently, Solana’s price is around $137.83, down from nearly $150 last month when the ETF filings were first submitted, as per CoinGecko data. This development underscores the growing institutional interest and potential mainstream adoption of cryptocurrency-based financial products.
Also Read: VanEck Files S-1 for Ethereum ETF with SEC, Eyes Launch Soon
