Four major firms, including VanEck and 21Shares, file for Solana ETFs on Cboe, awaiting SEC approval to boost market liquidity.
VanEck and 21Shares, two leading asset management firms, have joined Bitwise and Canary Capital in filing for Solana ETFs on the Cboe BZX Exchange. Bloomberg’s ETF analyst, James Seyffart, confirmed the filing in a post on X. According to Seyffart, four Solana ETFs have been filed, one each from VanEck, 21Shares, Canary Capital, and Bitwise. The next move now lies in the hands of the SEC, which will either bless or reject the filings.
This shift has significant implications for investing in cryptocurrencies. The Solana ETFs proposed here fall under the category of “commodity-based trust shares” under Rule 14.11(e)(4). However, the decision still lies in the hands of the SEC. If the filings are approved, they will let institutional and retail investors gain exposure to Solana through ETFs, which are a more regulated and accessible investment tool.
In recent days, Bitwise, one of the biggest digital asset management firms in America, declared its intention to set up a statutory trust for a spot Solana (SOL) ETF. This trust will be established in Delaware, one of the significant states in the U.S. In the filing, Bitwise said that the CSC Delaware Trust Company would act as the trustor of the Solana ETF trust. This is a significant development in Bitwise’s overall ETF agenda.
Solana ETF Filings May Drive Capital Growth and Market Position
These filings’ success could significantly change Solana’s current role within the crypto market. This is because ETFs are easy to trade, and the more trading activity Solana gets from ETFs, the more liquidity it has. Besides, it might increase the number of institutional investors, improving Solana’s position within the overall digital asset ecosystem.
As a result of the ETF filings, Solana SOL token has risen by nearly 10%. Currently, SOL is trading at approximately $262, an indication of investors’ sentiments regarding the likelihood of the approval of these ETFs. If approved, these Solana ETFs could yet again enhance the status of the token and the overall growth of the cryptocurrency market.
Overall, VanEck, 21Shares, Bitwise, and Canary Capital’s filings for Solana ETFs are a big move. These filings are positive for Solana and the rest of the crypto space. When the SEC reviews the filings, the consequences could be far-reaching. They can help Solana increase its working capital and enhance its market position if approved. This move signals growing institutional interest in Solana.
