The Chicago Board Options Exchange (Cboe) Global Markets has officially filed a request with the U.S. Securities and Exchange Commission (SEC) to list exchange-traded funds (ETFs) linked to Solana (SOL). SOL is currently the most popular blockchain ecosystem, with Ethereum in second place, according to CoinGecko.
The Cboe’s filing includes products from asset managers VanEck and 21Shares, following a previous unsuccessful attempt to introduce Solana ETFs. This move has initiated the SEC’s review process, which has a 240-day deadline for a decision.
Rob Marrocco, global head of ETP listings at Cboe, stated that this effort addresses “increasing investor interest in SOL, one of the most actively traded cryptocurrencies after Bitcoin and Ether”. This follows Cboe’s success in listing the first U.S. Spot Bitcoin ETFs and obtaining SEC approval for spot Ether ETFs.
VanEck and 21Shares filed S-1 forms with the SEC in June to offer new securities tied to SOL, a requirement for listing on a national exchange. The Cboe also submitted 19b-4 forms to inform the SEC of rule changes necessary for listing these ETFs.
While Cboe is focused on SOL, they also received approval for their Ethereum 19b-4 filings in May 2024 and plan to begin trading ETH ETFs pending final approval. Experts predict that if the SOL ETF is approved, its liquidity will increase significantly, with expected inflows of about $3 billion, some of which will flow through ETFSwap. Currently, the price of Solana is around $139.55.
