On 8 July, CBOE Global Markets filed for Solana exchange-traded fund (ETF) listings – with Solana being the cryptocurrency at the forefront of the VanEck and 21Shares new ETF proposals. As the fifth-largest cryptocurrency, the inclusion of Solana requires SEC approval via a 19b-4 application of the SEC and must pass a separate investor disclosure ‘S-1’ approval before these ETFs can even begin to trade. The SEC green-lighted Bitcoin ETFs in January 2022 and more conventional financial products based on cryptocurrencies are being overwhelmingly accepted.
With Solana, as well as planned ETF products by issuers such as VanEck, 21Shares, and others, all gold standard leaders to be approved by the SEC for exposure to ethereum, the second-biggest cryptocurrency, a wave of other ETF products is likely to follow. We anticipate this approval coming in the near term
As commonly precedent to new products entering the space, price fluctuations have been found in the Solana coin. At the time of writing, it sat at $137.83, after tradeing a high of almost $150 in recent days. We’ll be tracking its progress. CoinGecko
Source: Reuters
