On July 8, VanEck and 21Shares submitted a 19b-4 form to the U.S. Securities and Exchange Commission (SEC) for the launch of a Solana Spot Exchange-Traded Product (ETP) on the Chicago Board Options Exchange (Cboe). This filing followed an initial S-1 application, a required step for proposing a new exchange-traded product. However, the SEC has yet to issue a notice for this submission, suggesting a possible denial.
The absence of this notice is a significant indicator of potential rejection, marking the second attempt by VanEck and 21Shares to introduce a Solana ETP after a previous rejection.
Despite the success of spot Bitcoin and Ethereum ETFs, the SEC remains hesitant to approve a Solana ETP. The reluctance could be due to the classification of Solana as a financial instrument.
Adding to the uncertainty, SummersThings on X noted that the 19b-4 filings for the Solana ETPs by VanEck and 21Shares appear to have been removed from the Cboe website. The documents SR-CboeBZX-2024-066 and SR-CboeBZX-2024-067 are no longer accessible through direct links and are absent from the BZX Exchange’s list of pending changes.
Furthermore, despite the July 8 submission date, the SEC has not yet issued notices of filing for these applications, raising questions about whether the 19b-4 forms may have been withdrawn.
In the market, Solana’s price rose by 1.08% over the past day to $142.87, though it has experienced a decline of 0.86% over the past week.
