Disclaimer: Opinions expressed by our writers are their own and do not represent the views of U.Today. Financial and market information provided on U.Today is for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Please consult a financial professional and conduct your own research before making any investment decisions. All content is believed to be accurate as of the publication date, however, certain offers mentioned may no longer be available.
While it’s too early to tell, a spot Solana exchange-traded fund (ETF) may not see the light of day anytime soon in the U.S. The speculation comes after the Chicago Board Options Exchange (CBOE) removed the 19b-4 filing for the Solana ETF filed by VanEck and 21Shares from its website.
VanEck and 21Shares File for Solana ETF
In June, New York-based investment firm VanEck submitted a proposal to launch a spot Solana ETF in the United States, becoming the first asset manager to launch a spot Solana ETF in the region.
Related
The proposed offering is intended to provide direct exposure to SOL, with VanEck planning to value the shares daily using prices obtained from trading platforms selected by MarketVector.
Just 24 hours later, 21Shares filed a similar application with the U.S. Securities and Exchange Commission (SEC). At the time, Bloomberg senior ETF analyst James Seifert and other experts speculated that approval was unlikely until 2025. Despite the fading optimism from these major companies, the crypto community at large remained hopeful.
The Solana ETF won’t happen in Gary Gensler’s time
Recent developments have cast a pall over the future of the US Solana ETF. The filing is no longer available due to BZX’s pending rule changes, and it is unclear whether regulators have rejected it or the asset manager has withdrawn it. It is worth noting that the SEC has not acknowledged the filings by VanEck and 21Shares since they were filed.
ETFStore President Nate Geraci has been looking at the possibility of holding the Solana ETF under the current administration: In response to Scott Johnson’s X post, he said, “Gary says the SOL ETF is DOA under his watch.”
Related
Meanwhile, Brazil is set to list its first Solana ETF, which was approved by the Brazilian Securities and Exchange Commission (CVM) about two weeks ago, sparking excitement in the region’s cryptocurrency community.
