CBOE Restarts US Solana ETF Race With Filings for 4 Asset Managers

The choices and derivatives alternate CBOE has filed purposes looking for the launch of Solana exchange-traded funds (ETFs) for 4 main asset managers in the US. This growth has as soon as once more restarted the race for the primary SOL exchange-traded fund within the nation.

In response to particulars on the CBOE rule filings web site, the alternate has utilized to listing and commerce the VanEck Solana Belief, the Canary Solana Belief, the Bitwise Solana ETF, and the 21Shares Core Solana ETF.

CBOE Submits Solana ETF Proposals

Asset managers within the U.S. haven’t begun their Solana ETF software journey as we speak. They tried a number of occasions final yr however confronted rejections from the Securities and Change Fee (SEC).

In July 2024, CBOE filed proposals to listing Solana ETFs for VanEck and 21Shares, however by August of the identical yr, the filings had disappeared from the alternate’s web site. These developments indicated that the SEC had possible rejected the purposes or, worse nonetheless, that the proposals had been withdrawn fully.

On the time, a VanEck government clarified that whereas the 19b-4 filings had been faraway from CBOE’s web site, the S-1 prospectus for the merchandise was nonetheless lively, signaling that the businesses nonetheless supposed to pursue the Solana ETF purposes.

By mid-November, CBOE had submitted new purposes for VanEck, Bitwise, Canary, and 21Shares Solana ETFs; nonetheless, they have been rejected once more in December. CBOE’s January 28 filings are the most recent on this race for a U.S. Solana ETF. The subsequent few weeks will decide in the event that they would be the final or simply one other step in the best way.

The Safety vs. Commodity Debate

Analysts have all the time insisted that the chances of Solana ETF purposes getting accepted are low as a result of the SEC has been beneath the management of the crypto-skeptic Gary Gensler. Since he departed the company a few week in the past, and a extra crypto-friendly Paul Atkins is at present main it, the possibilities of the filings getting accepted might have risen considerably.

Notably, SOL, the native token of the Solana community, additionally faces the problem of being categorized as a safety or commodity, which is essential to greenlighting the ETFs. Asset managers looking for to launch Solana ETFs have touted the crypto asset as a commodity resulting from its decentralized nature and Proof-of-Stake consensus mechanism; nonetheless, ongoing authorized battles involving the SEC have named SOL as a safety.