The Solana (SOL) price has surged 6.7% today in a sharp recovery following Cboe Global Markets’ request to the US SEC on Monday, July 8, to list spot Solana ETFs. The crypto industry is eagerly pursuing exchange-traded funds (ETFs) tied to Solana, with the expectation of their launch by 2025
Following a similar trajectory to that of spot Ethereum ETFs, Cboe has submitted the 19b-4 filings for the spot Solana ETF on behalf of 21Shares and VanEck. These are the first proposed Solana ETF products seeking approval in the market.
Last month in June, both 21Shares and VanEck, applied with the SEC to launch the new products. However, for the products to go live from trading, the US SEC should also approve the S-1 filings in addition to the 19b-4 filings. Rob Marrocco, global head of ETP Listings at Cboe said:
“We are now addressing the increasing investor interest in Solana – one of the most actively traded cryptocurrency after Bitcoin and Ether”.
VanEck, 21Shares, and other issuers are awaiting final approval from the SEC to launch spot Ethereum ETFs. As per market expectations, the approval should come within the next two weeks.
Bloomberg analyst Eric Balchunas stated that he expects the spot Solana ETFs to come sometime by mid-March 2025. However, he hinted that the outcome of the US elections could play a major role in deciding whether or not Solana ETFs could see the light of the day.
https://twitter.com/EricBalchunas/status/1810425019853324721?ref_src=twsrc%5Etfw” rel=”nofollow
Also Read: Solana To Hit $1,000 On Perfect ETF Storm
The Solana price has been subject to broader market turbulence over the past week. However, it has bounced back swiftly to $140 eyeing further upside ahead. As per crypto analyst Ali Martinez, Solana’s current price action is mirroring the 2021 trajectory.
Martinez stated that the SOL Relative Strength Index (RSI) is currently at the same level, prior to the bullish breakout in 2021. Thus, a major upward SOL price rally could be up in the making.
https://twitter.com/ali_charts/status/1810365301579509817?ref_src=twsrc%5Etfw” rel=”nofollow
Also Read: Solana Outperforms Ethereum Amid $441M Money Inflow Into Crypto
On Monday, June 8, OpenAI confirmed it has confidentially filed S-1 draft with the SEC…
In the current week, the U.S. House will return to the issue of crypto tax…
Former FTX CEO Sam Bankman-Fried has officially requested a presidential pardon from Donald Trump. With…
More than 200 crypto firms and organizations, including Coinbase and Ripple, signed a letter urging…
Bitcoin treasury firm Strategy will begin paying semi-monthly dividends to STRC shareholders following approval of…
Crypto exchange Coinbase has become the official USDC deployer on the Perp DEX Hyperliquid, a…