Spot Solana ETF Filings Have Now Disappeared, Raising Suspicions of Issuer Withdrawal

Key Points:

• The Chicago Board Options Exchange has removed the 19b-4 form filings for VanEck and 21Shares’ spot Solana ETFs from its website.
• The SEC’s cautious stance on Solana as a financial security and lack of significant interest from major U.S. asset managers.

On August 17, 2024, the 19b-4 form documents for both VanEck and 21Shares‘ spot Solana ETFs were removed from the Chicago Board Options Exchange’s website.

Read more: Spot Solana ETF Approval Is a Bet on the 2024 Election, VanEck Says 

Spot Solana ETF Filings Are Now Gone

The filings that outline the SR-CboeBZX-2024-066 and SR-CboeBZX-2024-067 ETFs are no longer available, and speculation immediately followed to ascertain the status.

Thus, after filing the S-1 documents in the month of June, on July 8, 2024, the Cboe submitted the 19b-4 forms to the U.S. Securities and Exchange Commission for approval of the spot Solana ETFs. However, the SEC failed to issue a Notice of Filing related to those documents, thus raising speculations if they were withdrawn or not.

In contrast, Brazil is poised to launch the first Solana-backed ETF, with QR Asset and Vortx spearheading the initiative. Although final approval from the Brazilian Stock Exchange is still pending, the move could significantly impact Brazil’s financial sector.

SEC and Asset Managers Show Distrust in Approving Spot Solana ETFs

In the U.S., however, all Solana-based ETFs still have an uncertain future. That’s because the SEC is rather careful in its treatment of Solana as a financial security. While that surely puts the onus on smaller issuers, bigger players like BlackRock have distanced themselves, citing minimal interest from clients.

While some asset managers are indeed evaluating opportunities, the overall sense is that aside from one or two exceptions, the effect of spot Solana ETFs on the U.S.-based crypto market will be small. Other offerings with Solana, meanwhile, remain a work in progress, with projects based in the U.S. and Brazil all continuing to crystallize.