VanEck, a prominent asset manager, remains steadfast in its pursuit of launching a Solana exchange-traded fund (ETF) despite a recent setback.
The firm’s plans hit a roadblock when Cboe Global Markets, the exchange initially slated to host the fund, withdrew its regulatory filing. This unexpected move sent ripples through the crypto community, sparking speculation about the future of the Solana ETF.
However, Matthew Sigel, VanEck’s head of digital assets research, quickly dispelled doubts, assuring investors that the project is still very much alive. “Some have noticed that the 19b-4 for the VanEck Solana ETF has been removed from the CBOE website,” Sigel acknowledged in an X post. “Remember that Exchanges like Nasdaq & Cboe file rule changes (19b-4) to list new ETFs. Issuers like VanEck are responsible for the prospectus (S-1). Ours remains in play.
The removal of the 19b-4 filing, a crucial step in the ETF approval process, naturally raised eyebrows. Industry observers and crypto enthusiasts alike were left wondering if this was a sign of trouble for the Solana ETF. But VanEck appears determined to press on, citing evolving legal perspectives on cryptocurrencies as a key factor in their bullish outlook.
Sigel emphasized the firm’s belief that Solana, like Bitcoin and Ethereum, should be classified as a commodity. This stance aligns with a growing trend among regulators and courts to differentiate between cryptocurrencies that function as securities in primary markets and those that behave more like commodities in secondary trading.
While the path to a Solana ETF is undoubtedly fraught with challenges, VanEck’s persistence suggests that the asset manager is confident in the long-term potential of the project. As the crypto industry continues to mature and regulatory frameworks evolve, the possibility of Solana gaining ETF status remains a tantalizing prospect for investors seeking exposure to this high-growth digital asset.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
