VanEck, a U.S.-based asset management firm, is maintaining its optimism about securing approval for its Solana Exchange-Traded Fund (ETF), even after a 19-4b filing by Cboe Global Markets to list the ETF was removed.
In July, Cboe submitted a 19-4b application to the U.S. Securities and Exchange Commission (SEC) seeking approval to list VanEck and 21Shares’ Solana ETF. The submission aimed to have the SEC make a final decision by March 2024.
This filing was a prerequisite for exchanges like Cboe and Nasdaq to introduce new ETFs. However, on August 9th, the 19-4b application for VanEck’s ETF suddenly disappeared from Cboe’s website, sparking speculation about the status of the proposed Solana ETF.
“Remember that exchanges like Nasdaq and Cboe submit 19b-4 rule changes to list new ETFs, while issuers like VanEck handle the prospectus (S-1). We are still in the process,” said Matthew Sigel, VanEck’s Head of Digital Asset Research, in a post on X.
Hope for the Solana ETF
This situation arises amid ongoing debates about the classification of digital assets like Solana. Recently, Bitcoin and Ether spot ETFs were successfully launched using a specific fund structure.
Sigel expressed his hope that Solana could also be classified as a commodity, fitting into a similar structure.
VanEck considers SOL a commodity, much like BTC and ETH, informed by evolving legal perspectives where courts and regulators are starting to recognize that certain crypto assets may function as securities in primary markets but tend to act more like commodities in secondary markets.
For context, the Bitcoin and Ether ETFs were launched in January and July, respectively, using a “grantor trust” structure, typically used for funds that passively hold a single type of commodity.
Sigel also highlighted Solana’s progress in network decentralization. Currently, 27% of Solana’s supply is held by the top 100 holders, a significant decrease over the past 12 months. Solana now has over 1,500 validators across 41 countries, with 10% of addresses holding less than 9% of the supply.
“We remain committed to advocating this position alongside our exchange partners to the appropriate regulators,” Sigel concluded.
As of this writing, the price of Solana (SOL) has risen by around 2% in the last 24 hours, trading at approximately $146 after previously dropping to $141, according to CoinMarketCap.
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