Investment managers VanEck and 21Shares have taken a major step forward in their quest to launch Solana-based exchange-traded funds (ETFs), as revealed in new regulatory filings by Cboe.
The exchange submitted two 19b-4 filings to the Securities and Exchange Commission (SEC) on Monday, requesting permission to list these pioneering Solana ETF products. Once the SEC acknowledges these filings, regulators will have 240 days to make their decision on the proposed funds, which would track the SOL cryptocurrency.
Rob Marrocco, global head of ETP listings at Cboe Global Markets, noted growing investor demand for Solana exposure, highlighting its position as one of the most actively traded cryptocurrencies after Bitcoin and Ether.
The move builds on Cboe's recent success in the crypto ETF space. The exchange currently lists six of the ten approved spot Bitcoin ETFs, including offerings from major firms like Fidelity, Ark/21Shares, and VanEck. Cboe is also positioned to list five spot Ether ETFs pending regulatory approval, which industry analysts expect could come as early as this week.
Both VanEck and 21Shares had previously filed S-1 forms in June 2023, marking their initial step toward offering these new securities. The latest 19b-4 filings represent the second required phase in the regulatory process, as they inform the SEC about proposed rule changes by self-regulatory organizations like Cboe.
This development comes amid a broader expansion of cryptocurrency investment products in traditional financial markets. As the crypto ETF landscape continues to evolve, these filings demonstrate growing institutional interest in providing regulated access to digital assets beyond Bitcoin and Ethereum.