SEC Examines VanEck, 21Shares, and Bitwise’s Solana Spot ETF Filings
The Securities and Exchange Commission (SEC) is currently reviewing the Solana Spot ETF filings from multiple exchange-traded fund (ETF) issuers, according to sources close to the matter.
The federal agency has started examining the S-1 documents submitted by these issuers, marking a crucial step in the ETF launch process. Among the key players involved are VanEck, 21Shares, and Canary Funds, who have already submitted their filings, while Bitwise recently announced their intention to do the same.
The next step will be to submit 19b-4 forms by US exchanges like CBOE, requesting authorization from the SEC to list these products. Once these forms are accepted, a 240-day period will begin for the agency to decide on the approval or rejection of the proposals.
Discussions Underway with SEC for Solana Spot ETF
Talks between the Securities and Exchange Commission (SEC) and several ETF issuers looking to launch a Solana Spot ETF are progressing, according to sources familiar with the matter.
The SEC has begun reviewing the S-1 documents filed by these issuers, which signals an important milestone in the ETF launch process. VanEck, 21Shares, and Canary Funds are among the participants who have already submitted their filings, with Bitwise recently announcing their intention to follow suit.
The next step will involve the submission of 19b-4 forms by US-based exchanges such as CBOE, seeking permission from the SEC to list these products. Once these forms are accepted, a 240-day period will commence for the agency to make a decision on approving or rejecting the proposals.
A More Favorable Climate for Crypto ETFs?
The filing of 19b-4 forms does not guarantee the approval of an ETF, as demonstrated by the past rejections of VanEck and 21Shares, whose previous filings were withdrawn from the CBOE website in August. These withdrawals sparked speculation about the SEC’s reluctance, under the leadership of Gary Gensler, to approve cryptocurrency-based products.
However, recent signs indicate a shift, particularly since the election of Donald Trump, who promised to fire Gensler. Ongoing discussions with the SEC teams, combined with the arrival of an administration perceived as more crypto-friendly, fuel hopes for potential approval of a Solana Spot ETF. The concerned issuers believe that these factors could lead to approval by 2025, marking a significant turning point for the crypto sector.
A Strategic Stake for Solana and Investors
The prospect of a Solana Spot ETF is generating increasing excitement among investors. Unlike futures-based ETFs, a spot ETF would allow for direct investment in the SOL token, providing a more accurate exposure to its real price. This development could enhance Solana’s legitimacy as an institutional investment asset while solidifying its position among the top blockchains. The impact of Bitcoin Spot ETFs on BTC’s price is undeniable, with over $30 billion in net inflows accumulated in these new products launched in January.
In contrast, ETH has not experienced the same demand following the approval of Ethereum Spot ETFs, with more modest but still impressive results for the industry. If Solana Spot ETFs are approved, attention will turn to SOL, which could directly benefit from it after already delivering an impressive performance this year.
SOL saw a 7% price increase today, surpassing $250 for the first time since November 2021 before stabilizing around $245.
While awaiting the SEC’s decision, all eyes are on the next steps of the process, which could determine the future of crypto ETFs in the US market.
