Asset management firms VanEck and 21Shares are making a move into the cryptocurrency space by registering a new Solana-based ETF on the Chicago Board Options Exchange (Cboe). According to ETF Store President Nate Geraci, “the decision clock will start ticking” once the U.S. Securities and Exchange Commission (SEC) officially recognizes these registrations.

Bloomberg ETF analyst Eric Balchunas suggests that a final decision on Solana ETFs is likely to come around March 2025, with a critical window in November due to the US presidential election. He says: “If Biden wins, these are probably DOA. If Trump wins, anything is possible.”

The 19b-4 filing, required for registrations, serves as a public recordkeeping formality, indicating that exchanges must communicate their intentions to the SEC. This process is only part of the regulatory journey, as after 19b-4 approval, products still need S-1 approval to begin trading.

Cboe’s efforts follow a move by VanEck, which less than two weeks earlier had registered the first spot Solana ETF in the U.S. Matthew Sigel, Head of Digital Asset Research at VanEck, shared his view that SOL should be treated as a commodity, similar to Bitcoin and Ethereum.

In a swift move, a day after VanEck’s filing, 21Shares also filed its own, demonstrating a surge in interest in crypto-based financial products. However, an analysis by on-chain research firm Kaiko reveals that these moves have not had a significant impact on the crypto market so far.


The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.


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