VanEck and 21Shares Solana ETF Filings Removed From the Cboe Site

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The 19b-4 forms submitted by VanEck and 21Shares for a Solana Exchange-Traded Fund (ETF) have reportedly been removed from the Chicago Board Options Exchange (Cboe) website. According to a post on X, Documents SR-CboeBZX-2024-066 and SR-CboeBZX-2024-067 are no longer accessible via direct link and are not visible in BZX Pending Rule Changes.

These forms, necessary for proposing rule changes related to new financial products like ETFs, were filed after both companies announced their initial plans in June in S-1 filings. The filings indicated their intention to offer a spot Solana ETF, a product that invests directly in cryptocurrency rather than futures contracts.

Uncertainty on Solana ETF Approval

However, the situation changed when it was noticed that the U.S. Securities and Exchange Commission (SEC) never issued any notices of filing for the 19b-4 applications submitted by VanEck and 21Shares. Notably, the financial community is debating whether the companies intentionally withdrew the 19b-4 filings or if there are other reasons for the delay in the approval process.

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Meanwhile, the removal of the 19b-4 form on the Cboe website without any public acknowledgment from the SEC or the companies involved has added to the uncertainty surrounding the status of these proposed Solana ETFs.

According to a tweet, Scott Johnsson was not surprised at the SEC Chairman’s attitude towards Solana ETF. He assumed Gary Gensler notified CBOE that these SOL apps were improperly filled as Commodity-Based Trust Shares (because he thinks SOL is not a commodity).

Spot Solana ETF Fate Depends on Political Outcomes

VanEck applied for a Spot Solana ETF with the United States SEC in June. In its application, the firm cited Solana’s role, mentioning its decentralization and security. The digital asset firm also said that SOL, the native currency, is similar to BTC, existing as a commodity used to prime the burgeoning Solana ecosystem.

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Though these were bold claims, the possibility of the product seeing the light of day, even with the spot Ethereum ETF approval, is slim. Recently, Matthew Sigel, an executive at VanEck, said that not only are there regulatory hurdles that they must overcome, but the product will go live depending on who wins the November Presidential election. 

Solana ETF to Debut on Brazil’s Major Exchange

Everyone is focused on the Brazilian Securities and Exchange Commission (CVM) as its crypto stakeholders anticipate the regulator’s green light for the launch of the country’s maiden Solana ETF. According to the announcement, the ETF will expose Brazilian investors to Solana.

Although the specific date of debut remains unknown, the fund will trade on Brazil’s major stock exchange, B3. Notably, B3 handles the trading of iShares Bitcoin Trust BDR (IBIT39), BlackRock’s first Brazilian Bitcoin ETF, which debuted in March 2024. 

According to available information, the investment product’s pricing will use the CME CF Solana Dollar Reference Index. This index collates transaction data from major crypto exchanges to provide a reliable valuation of SOL.

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