Spot Solana exchange-traded funds (ETFs) are expected to receive a final decision by mid-March next year. This follows the Chicago Board Options Exchange (CBOE) filing applications to list VanEck and 21Shares’ proposed ETFs on Monday.
Details of the Filings
On July 8, the CBOE submitted two Form 19b-4 applications: one for the 21Shares Core Solana ETF and another for the VanEck Solana Trust. These applications compare the proposed Solana funds to spot Bitcoin and spot Ether ETFs, which the Securities and Exchange Commission (SEC) approved earlier this year. The CBOE highlighted Solana’s decentralization, throughput, and speed, arguing these characteristics make it resistant to manipulation and protect investors.
“Much like Bitcoin and ETH, the Exchange believes that SOL is resistant to price manipulation and that ‘other means to prevent fraudulent and manipulative acts and practices’ exist to justify dispensing with the requisite surveillance sharing agreement,” the filings state.
SEC Decision Timeline
ETF analyst Nate Geraci noted that once the SEC acknowledges the filings, the decision clock will start ticking. Under SEC rules, the agency has 240 days to decide on the rule change required for CBOE to list VanEck and 21Shares’ products.
Also Read: Solana Boosts Maturity of Africa’s Crypto Market
Political Influence on Approval
Senior Bloomberg ETF analyst Eric Balchunas suggests that the outcome of Solana ETF approvals hinges significantly on the upcoming U.S. presidential election. Balchunas believes the mid-March 2025 deadline for a final decision is crucial, but the November election results will be pivotal.
“Looks like Solana ETFs are going to have a final deadline of mid-March 2025. But between now and then the most [important] date is in November,” Balchunas wrote in a July 9 post on social media platform X.
Balchunas asserts that if Biden wins the election, the Solana ETFs may be “dead on arrival,” whereas a Trump victory could open the door to approval.
Crypto market maker GSR Markets predicts that if Solana ETFs are approved and launched in the United States, it could drive up the price of SOL by a factor of nine. This forecast was made in a June 27 research report, highlighting the significant market implications of ETF approval.
