CBOE Global Markets has filed new proposals with the Securities and Exchange Commission (SEC) for four Solana-focused Exchange-Traded Funds (ETFs). The filings aim to list ETFs from major issuers, including VanEck, 21Shares, Canary Capital, and Bitwise. Despite regulatory challenges, the move reflects CBOE’s optimism toward the future of cryptocurrency-based ETFs.
The SEC had previously rejected similar Solana ETF proposals, citing concerns about the regulatory status of Solana as a security. However, CBOE’s resubmission signals a renewed effort to address these concerns and potentially secure approval. Bloomberg Senior ETF Analyst Eric Balchunas emphasized the importance of this event, stressing that the firm remains optimistic even in the face of extensive regulations.
Also Read: Bitwise Pushes for Spot Solana ETF Amid SOL’s Price Climb
Bitwise Expands Its ETF Portfolio With Solana Application
Bitwise has joined the competition with its application for a Solana ETF, becoming the fourth company to do so. The asset management firm recently filed a statutory trust for the ETF with the Securities and Exchange Commission. Investors now expect Bitwise to develop legal filings such as 19b-4 and S-1 to further its application.
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Bitwise already features Bitcoin (BITB) and Ethereum (ETHW) ETFs listed on Wall Street. Also, the firm applied for an XRP ETF last month, showing that it has been actively seeking to increase its coverage of cryptocurrency ETFs. Bloomberg ETF analyst James Seyffart pointed out that the regulator now has the power to decide the future of Solana ETF applications.
CBOE’s efforts to reintroduce Solana ETFs may push regulatory boundaries as observers speculate whether the SEC will approve the filings, reject them, or request their withdrawal. The market has been wary of such actions after previous incidents seen by the SEC, while CBOE seems unfazed.
Conclusion
The SEC’s response to the resubmitted Solana ETF proposals will be pivotal, as any favorable decision could set a precedent for similar cryptocurrency ETFs in the future. CBOE’s determination underscores the growing demand for crypto-based investment products despite ongoing regulatory uncertainties.
Also Read: Bitwise Intensifies Efforts with New XRP ETF Filing Amid Regulatory Landscape
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.