A final decision on the Spot Solana exchange-traded fund (ETF) is expected around mid-March next year, after the Chicago Board Options Exchange (CBOE) filed an application to list the proposed ETF from VanEck and 21Shares on Monday.
CBOE filed two Form 19b-4 applications on July 8, one for the 21Shares Core Solana ETF and one for the VanEck Solana Trust.
CBOE likened the potential Solana fund to the Spot Bitcoin and Spot Ether ETFs approved by the SEC in January and May, respectively, saying Solana’s decentralization, throughput, and speed make it resistant to manipulation that could harm investors.
“Like Bitcoin and ETH, the exchange believes that SOL is resistant to price manipulation and that there are ‘other means to prevent fraudulent and manipulative acts and practices’ to justify removing the mandatory surveillance sharing agreement,” both submissions read.
ETF analyst Nate Gerachi said that once the SEC accepts the filing, “the decision clock will start ticking.”
Under the SEC’s own rules, the agency has 240 days to decide whether to approve the rule changes that would allow CBOE to list VanEck and 21Shares’ products.
Solana ETF Results Depend on Trump vs. Biden
Eric Balchunas, senior analyst at Bloomberg ETFs, warned that the SEC’s chances of approving the Solana ETF largely depend on whether Trump is elected president in November.
Related: A $1 million bug bounty for the Solana Firedancer client starts this week.
“It looks like the final closing date for the Solana ETF is mid-March 2025, but the most (important) date between now and then is November,” Balchunas wrote in a July 9 post to X.
Balchunas said if Biden wins the election, the Solana ETF will be “dead on arrival,” but if Trump wins, anything is possible.
In a June 27 research report, cryptocurrency market maker GSR Markets predicted that the price of SOL could increase by up to nine times if the Solana exchange-traded fund (ETF) is approved and launched in the United States.
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