VanEck, 21Shares Plan to Debut Solana ETFs, Filings Confirms

UTC by Anisha Pandey · 3 min read
VanEck, 21Shares Plan to Debut Solana ETFs, Filings Confirms
Photo: Depositphotos

The price action of Solana (SOL), the fifth-largest digital asset by market capitalization, jumped more than 7% in the past 24 hours after the news of the filing.

Leading asset management firms, VanEck and 21Shares, are looking to debut Solana exchange-traded funds (ETFs) in the United States. The two firms recently debuted spot Bitcoin ETFs in the country and are currently working with the Securities and Exchange Commission (SEC) on the approval of spot Ethereum (ETH) ETF applications.

As per two distinct filings, the Chicago Board Options Exchange (Cboe) urged the SEC to approve Solana ETFs spearheaded by VanEck and 21Shares. It is important to note that the 19b-4 filings for Solana ETFs were submitted to the SEC by the two firms on Monday. The asset management firms seek to list the two ETFs on Cboe once they are approved.

“After successfully listing the first US spot Bitcoin ETFs on our exchange and securing SEC approval for our rule filings to list spot Ether ETFs, we are now addressing the increasing investor interest in Solana – the third most actively traded cryptocurrency after Bitcoin and Ether,” Rob Marrocco, global head of ETP listings at Cboe Global Markets, told CoinDesk.

Notably, once the SEC receives these filings, the agency has a window of 240 days to make its decision on the products, in this case, the Solana ETFs. Cboe, the largest US options exchange, currently lists six of the ten approved spot BTC ETFs, including those offered by Fidelity, Ark/21Shares, and VanEck. The exchange will also see the listing of five Ethereum ETFs once they’re approved by the SEC.

Asset management firms including VanEck, Grayscale, and 21Shares also submitted their S-1 filings on Monday. As pointed out by Bloomberg ETF analyst Eric Balchunas, the filing by 21Shares and the filing for the Grayscale Ethereum Mini Trust did not include fee details. Notably, Balchunas also predicted that the spot ETH ETF approvals might come prior to July 18, adding:

“We don’t have a new over/under launch date yet because we haven’t heard what the SEC’s game plan is. Hope to hear soon. But if you forced me gun to head style to give my best guess for date I’d go with July 18th.”

Solana Skyrockets 7%

The price action of Solana (SOL), the fifth-largest digital asset by market capitalization, jumped more than 7% in the past 24 hours after the news of the filing. The trading volume of the cryptocurrency rose 53.44% and is currently standing at $3.5 billion with a market cap of $66.2 billion.

Additionally, Solana is down 45.04% from its all-time high of $260.06, witnessed on November 7, 2021. Interestingly, if the SOL ETF is approved, the altcoin might push through the previous all-time high to make a new one.

According to James Seyffart, a Bloomberg analyst, the approval of spot Solana ETFs is not a guarantee. However, if President Joe Biden loses the election and a new administration takes over the SEC, approval can be seen sometime in 2025.

Funds & ETFs, Market News, News
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