VanEck’s effort to launch a Solana exchange-traded fund (ETF) is still in progress, despite recent changes involving its regulatory paperwork.
In a tweet on August 19, Matthew Sigel, VanEck’s head of digital assets research, reassured investors that the plan is not off track, even though the 19b-4 filing for the ETF was recently removed from Cboe Global Markets’ website.
The 19b-4 filing, submitted by Cboe on July 9, is an important step in getting the SEC’s approval to list the VanEck and 21Shares Solana ETFs. This filing is required for exchanges like Cboe and Nasdaq to offer new ETFs. The removal of this document from Cboe’s site on August 9 led to questions about whether the ETF proposal was being withdrawn.
However, Sigel explained that the 19b-4 filing is different from the S-1 prospectus, which is filed by the issuers of the ETF. He confirmed that VanEck’s S-1 prospectus for the Solana ETF is still active, meaning the company is continuing with its plans.
This situation comes as there is ongoing discussion about how digital assets like Solana should be classified. Bitcoin and Ether have recently seen success with their ETFs, which use a specific type of fund structure. VanEck hopes that Solana, like Bitcoin and Ether, can be considered a commodity and fit into a similar structure.
Despite the recent uncertainty, VanEck is still working with exchange partners and regulators to move the Solana ETF proposal forward.
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