These 2 Asset Management Firms Filed for Solana ETF Registration with SEC

Previously, exchange operator Cboe Global Markets had filed a request with the United States Securities and Exchange Commission to list a Solana cryptocurrency exchange-traded fund (ETF).

The filing is targeted for a decision by March 2025. It is also the first proposed ETF product tied to the price of Solana, the fifth-largest cryptocurrency, according to CoinGecko.

Quoting Channel News Asia, Tuesday (9/7/2024), if approved, the product will mark the third wave of spot cryptocurrency ETFs, after the SEC in January approved an ETF linked to the price of Btcoin, which is a new era for the crypto industry.

“We are now experiencing growing 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.

For your information, ETF exchanges require a two-step approval process. Under SEC rules, the agency has 240 days to decide whether to approve or deny Cboe's “19b-4” application to list products from VanEck and digital asset manager 21Shares.

However, the agency's regulations set a deadline for filing investor disclosures.

VanEck, 21Shares and other issuers are also waiting for the final green light from the SEC to launch ETFs tied to the spot price of the second-largest cryptocurrency, Ethereum.

The permit is likely to be granted within the next week, according to two sources familiar with the process.

Solana's current price is around $137.83, down from a high of nearly $150 last month when the first two ETF filings were submitted, according to CoinGecko data.