VanEck and 21Shares, two asset management firms, are making progress in the cryptocurrency market by registering a new Solana-based ETF on the Chicago Board Options Exchange (Cboe). Once the US Securities and Exchange Commission (SEC) officially recognizes these registrations, the clock will start ticking for a decision to be made, according to Nate Geraci, the president of ETF Store.
Eric Balchunas, an ETF analyst at Bloomberg, predicts that the final decision on Solana ETFs will likely come around March 2025, with a crucial period in November due to the US presidential election. He suggests that if Biden wins, the ETFs will probably be dead on arrival (DOA), but if Trump wins, anything is possible.
The registration process requires exchanges to submit Document 19b-4, which serves as a public record keeping formality and indicates their intentions to the SEC. However, this is just one step in the regulatory journey, as products still need Form S-1 approval before they can start trading.
Cboe’s efforts follow VanEck’s initiative, as they registered the first spot Solana ETF in the US less than two weeks prior. Matthew Sigel, Head of Digital Asset Research at VanEck, believes that SOL should be treated as a commodity, similar to Bitcoin and Ethereum.
Shortly after VanEck’s listing, 21Shares also submitted its application, indicating a growing interest in cryptocurrency-based financial products. However, an analysis by on-chain research firm Kaiko suggests that these moves have not yet had a significant impact on the cryptocurrency market.
Please note that the views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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