Franklin Templeton Files for Solana ETF with the SEC
Here’s some great news for Solana fans! Matthew Sigel, head of digital assets research at VanEck, recently announced on Twitter that CBOE had submitted its 19b-4 form for the Solana ETF.
Things are getting serious about the Solana ETF this week. Investment giants VanEck and 21Shares are making a big move by filing 19b-4 forms with the U.S. Securities and Exchange Commission (SEC) to launch Solana (SOL) spot exchange traded funds (ETFs). This step is indeed crucial for the regulatory process and it aims to get approval to list these ETFs on the Cboe BZX Exchange.
The process began when VanEck filed form S-1 on June 27, 2024, followed closely by 21Shares on June 28, 2024. These ETFs are designed to provide investors with direct exposure to Solana by tracking its spot price, avoiding staking activities due to the current regulatory uncertainties surrounding crypto staking.
VanEck and 21Shares have previously attempted to introduce Solana ETFs, showcasing their dedication to expanding cryptocurrency investment options. Although their earlier efforts faced regulatory hurdles, they remain undeterred.
Bloomberg Analyst Eric Balchunas pointed out that the final deadline for Solana ETFs is mid-March 2025, with a critical date in November. The outcome of the U.S. presidential election could influence the approval chances, with Biden’s victory potentially lowering them and Trump’s win possibly increasing them.
The actions of VanEck and 21Shares mark a significant advancement for crypto. The initial filing news led to a spike in Solana’s price, and experts anticipate a similar market reaction to the 19b filing. If approved, Solana’s liquidity and trading volume could see substantial growth. However, challenges remain, as the SEC still considers SOL a security, and there is no regulated futures market for Solana yet, which the SEC deems crucial for ETF approval.
The simultaneous efforts by VanEck and 21Shares to get their crypto ETFs approved highlight the growing interest and competition in this market. Although the approval process may take time, the potential benefits are immense. As regulations evolve, the approval of Solana spot ETFs could significantly advance the acceptance of cryptocurrencies in traditional financial markets.
Investors and industry professionals eagerly await the SEC’s decision, which could shape the future of crypto investments.
VanEck and 21Shares are not solely focused on Solana; they have also made significant progress with Ethereum (ETH) ETFs. In May 2024, the SEC approved their 19b-4 filings for Ethereum ETFs, which are set to commence trading soon. This milestone is a significant victory, providing hope for the potential approval of Solana ETFs.
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