- CBOE files proposals with the SEC for four Solana ETFs for issuers, including VanEck, 21Shares, Canary Capital, & Bitwise.
- Eric Balchunas explains the regulatory uncertainties and ambiguities surrounding Solana ETFs.
- Cboe believes that the SEC will acknowledge the filing before the new, accommodative leadership takes over.
CBOE Global Markets re-submitted proposals to the Securities and Exchange Commission (SEC) for four Solana ETFs; the ETF issuers being VanEck, 21Shares, Canary Capital, and Bitwise. Bloomberg Senior ETF Analyst Eric Balchunas commented on the development in an X post, noting CBOE’s optimism despite prevailing regulatory uncertainties.
Bitwise Joins the Solana ETF Race
Asset manager Bitwise became the fourth company to apply for a Solana Exchange-Traded Fund (ETF) on Thursday. Bitwise registered a statutory trust for the ETF with the SEC, with more filings expected. While Bitwise’s Bitcoin ETF (BITB) and Ethereum ETF (ETHW) trade on Wall Street, investors anticipate the firm will soon file the 19b-4 and S-1 forms with the SEC. The asset manager filed for an XRP ETF last month, further demonstrating its optimistic approach to exchange-traded funds.
Bloomberg ETF analyst James Seyffart commented on CBOE’s proposals to list these Solana ETFs, stating, “The ball is in the SEC’s court now.” It is to be noted that the SEC had previously rejected CBOE’s Solana ETF applications, adding to the current uncertainty.
Read also: Bitwise Joins Spot Solana ETF Race as SOL Price Nears $260
Balchunas questioned if the SEC would approve the filings within the next two weeks or ask for them to be withdrawn, as they did previously. He suggested the platform is “pushing the envelope,” hoping the SEC will routinely acknowledge filings before new, potentially more accommodative leadership takes over.
For the ETFs to be approved, the SEC must drop the lawsuit alleging Solana is a security. The SEC’s response will be crucial in determining the fate of Cboe’s Solana ETF applications. Despite these obstacles, CBOE remains hopeful of the SEC’s ETF approval, according to Balchunas. He stated that Cboe’s actions reflect hope rather than any explicit signal from SEC staff. A positive decision from the SEC could set a precedent for future cryptocurrency ETFs.
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