Cboe files for SEC approval to list Solana ETFs, starts clock for required decision

Change operator Cboe World Markets filed a matter with the U.S. Securities and Change Price on Monday seeking to listing replace-traded funds (ETFs) tied to cryptocurrency Solana, requiring the company to build up a resolution by March.

Beneath SEC ideas, the company has 240 calendar days to decide on whether to approve or relate Cboe’s “19b-4” application to listing the products from VanEck and digital asset supervisor 21Shares. They are the predominant proposed ETF products tied to the price of Solana, the fifth ideal cryptocurrency, in preserving with CoinGecko.

VanEck and 21Shares in June applied with the SEC to delivery the contemporary products. The SEC must additionally approve these “S-1” filings sooner than the products can delivery procuring and selling, however the company’s ideas enact dwelling a deadline for these investor disclosure filings.

If current, the products would mark a third wave of notify cryptocurrency ETFs, after the SEC in January current ETFs tied to the price of bitcoin, in a watershed for the industry. Such products require a two-stage approval direction of.

“We’re now addressing the growing investor hobby in Solana – one among essentially the most actively traded cryptocurrency after Bitcoin and Ether,” acknowledged Rob Marrocco, global head of ETP Listings at Cboe.

VanEck, 21Shares and different issuers are additionally waiting on the closing green light from the SEC to delivery ETFs tied to the notify price of the second-ideal cryptocurrency, ethereum.

That journey-forward is probably going to reach at some level of the following week, acknowledged two folks mindful of the direction of. Regulators rating already current the exchanges’ application to listing and replace these contemporary products.

The price of Solana is hovering around $137.83, down from final month’s peak of nearly $150 when the two ETF filings had been first submitted, CoinGecko files confirmed.

(This story has been officially corrected to sing ‘one among essentially the most actively traded’ in want to ‘the third most actively traded’, in paragraph 6)