Chicago Board Options Exchange (Cboe) Seeks Approval for Solana-based ETF
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. This move marks a significant step in expanding the range of cryptocurrency investment products available to investors.
The exchange submitted a pair of 19b-4 filings with the SEC, seeking approval to list these products if and when given the green light by the regulator. Once the SEC acknowledges the filing, a 240-day window opens during which the regulator must make a decision on the proposed ETFs, which would be backed by the Solana blockchain.
Cboe, known for listing various cryptocurrency investment products, including spot Bitcoin and Ether ETFs, is now addressing the growing investor interest in Solana. Rob Marrocco, the global head of ETP listings at Cboe Global Markets, highlighted the importance of catering to the demand for Solana, which has emerged as the third most actively traded cryptocurrency after Bitcoin and Ether.
Currently, Cboe already lists six out of the ten existing spot Bitcoin ETFs, and it would also be the listing exchange for five spot Ether ETFs pending approval. Industry experts anticipate that the SEC may approve Ether ETFs in the near future, as several issuers have submitted amended filings to comply with regulatory requirements.
Both VanEck and 21Shares initiated the ETF listing process by filing an S-1 form in June, which is a prerequisite for offering a new security to the market. The subsequent submission of a 19b-4 filing serves to inform the SEC about the proposed rule change by an exchange, such as Cboe.
Overall, the potential introduction of a Solana-based ETF by Cboe reflects the continued evolution of cryptocurrency investment options in the traditional financial market. If approved, the ETF could provide investors with a new avenue to gain exposure to Solana’s ecosystem and participate in its growth potential.