The Chicago Board Options Exchange (Cboe) is paving the way for Solana-based exchange-traded funds (ETFs). On Monday, the exchange filed applications with the Securities and Exchange Commission (SEC) seeking approval to list ETFs from two asset managers: VanEck and 21Shares.
These filings, known as 19b-4 forms, initiate a 240-day review period for the SEC to evaluate the proposed Solana ETFs. Essentially, Cboe is requesting the SEC's green light to allow VanEck and 21Shares to bring their Solana ETFs to market.
This move comes after the recent launch of the first U.S. Bitcoin ETFs and the anticipated approval of Ether ETFs. Rob Marrocco, a Cboe executive overseeing exchange-traded product listings, highlights that Solana, the third-largest cryptocurrency by trading volume, is now their focus.
Cboe already boasts the majority of existing Bitcoin ETFs and is poised to list several upcoming Ether ETFs once approved by the SEC. Industry experts predict a swift approval for Ether ETFs based on recent updates from various issuers.
The filings by VanEck and 21Shares represent a key step in the process. Their initial S-1 forms, filed in June, were required to introduce new securities. The latest 19b-4 filings notify the SEC that a self-regulatory organization (SRO) like Cboe is proposing a rule change to list these new ETFs.
