VanEck and 21Shares Solana ETF Filings Removed From CBOE

Last updated:

Journalist

Tanzeel Akhtar

Journalist

Tanzeel Akhtar

Last updated:

Why Trust Cryptonews

With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict editorial standards, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets. Read more about Cryptonews

Solana ETF

VanEck and 21Shares 19b-4 filings for Solana ETF have been removed from the CBOE website which has sparked speculation the application for the products may have been withdrawn.

Despite the filing removal, Matthew Sigel, the head of digital assets research at VanEck, reassured followers on X that the ETF application remains active, adding that, “ours remains in play.”

The US Securities and Exchange Commission’s (SEC) deadline to either approve or reject the applications is March 2025. 21Shares was unavailable for comment on the status of its Solana ETF filing.

The approval of spot Bitcoin and Ethereum ETFs by the SEC this year has built up hopes that Solana could be next, with many experts remaining pessimistic.

What is Solana?

Solana is a blockchain platform designed for decentralized applications (dApps) and crypto-currency transactions.

Known for its speed and scalability, Solana can process over 65,000 transactions per second with minimal fees, due to its Proof of History (PoH) consensus mechanism combined with Proof of Stake (PoS). This makes it a strong competitor to Ethereum, attracting developers and projects to its ecosystem.

The prospect of a spot Solana ETF in the U.S. has heightened investor optimism, suggesting a broader acceptance of Solana in traditional financial markets. If approved, VanEck’s ETF would allow investors to gain exposure to SOL without directly purchasing the cryptocurrency, potentially driving further institutional interest and adoption.

This latest development shows Solana’s growth in the crypto space.

Network Instability

One issue that might deter regulators from approving spot Solana ETFs it the network’s history of downtime, reports Joel Franks from CryptoNews. The Solana network experienced a major outage in February. And since its launch, its experienced outages on dozens of other occasions.

These outages normally harm the Solana price, potentially harming investors. Network issues are another sign of Solana’s relative immaturity.

Solana Price Action

As of August 19, 2024, Solana’s price is trading at $147.82. Solana reached an all-time high of $259.52 back on November 6, 2021.

According to Ryan Lee, chief analyst at Bitget Research, SOL may become the third major crypto asset after BTC and ETH if it is to have its own ETF.

You May Also Like