CashNews.co
Despite the removal of Cboe Global Markets’ regulatory filing to list the Solana (SOL) exchange-traded fund (ETF), global asset manager VanEck’s plans for a Solana fund remain active.
Matthew Sigel, VanEck’s head of digital assets research, explained that while exchanges like Nasdaq and Cboe file rule changes, known as 19b-4s, to list new ETFs, the responsibility for the prospectus, or S-1, lies with issuers like VanEck. “Ours remains in play,” he stated.
On July 9, Cboe submitted a request to the U.S. Securities and Exchange Commission (SEC) seeking approval to list VanEck’s and 21Shares’ Solana ETFs, with a decision expected by March. However, as of August 9, the filing disappeared from Cboe’s website, sparking speculation about the funds’ future.
Bitcoin and Ethereum ETFs, launched earlier using a “grantor trust” structure for funds that passively hold a single commodity type, set a precedent for such proposals. Issuers believe Solana ETFs could succeed if they adopt a similar structure.
VanEck views Solana as a commodity, akin to Bitcoin and Ethereum. This perspective aligns with evolving legal views, suggesting some crypto assets may act as securities in primary markets but resemble commodities in secondary markets.