Cboe Seeks SEC Approval for Solana-based ETFs

The Chicago Board Options Exchange (Cboe) Seeks SEC Approval for Solana-based ETFs

The Chicago Board Options Exchange (Cboe) has officially requested the Securities and Exchange Commission (SEC) to allow asset managers VanEck and 21Shares to introduce a Solana-based exchange-traded fund (ETF) to the market. Cboe filed a pair of 19b-4 filings with the SEC, seeking approval to list these products if granted by the regulator.

Upon acknowledgment of the filing by the SEC, a 240-day window opens for the regulator to make a decision on the ETFs, which would be backed by (SOL) – the native token of the Solana blockchain. Rob Marrocco, global head of ETP listings at Cboe Global Markets, stated, “After successfully listing the first U.S. 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.”

Cboe currently lists six out of the existing 10 spot Bitcoin ETFs, including offerings from Fidelity, Ark/21Shares, and VanEck. It is also set to become the listing exchange for five spot Ether ETFs once approved. Analysts anticipate the SEC to approve Ether ETFs imminently, with several issuers submitting amended S-1 forms on Friday and earlier on Monday.

Both VanEck and 21Shares initiated the ETF listing process by filing the required S-1 forms in June. The subsequent 19b-4 filings represent the second step in the process, informing the SEC of a proposed rule change by a self-regulatory organization like an exchange.