- VanEck and 21Shares’ Solana ETF filings were removed from the CBOE website.
Despite filing issues, the SOL price looked stable, but bearish momentum persisted.
As a researcher with years of experience in the ever-evolving world of cryptocurrencies and digital assets, I find the recent developments surrounding VanEck and 21Shares’ Solana ETF intriguing, to say the least. The disappearance of their 19b-4 filings from the CBOE website has certainly raised eyebrows and sparked speculation about the future of these proposed ETFs.
It’s surprising to note that the applications for Solana [SOL] ETFs by VanEck and 21Shares, which were previously listed on the Chicago Board Options Exchange (CBOE) site, appear to have been removed without explanation.
No scope for Solana ETF?
Based on reports from informed sources, it appears that the U.S. Securities and Exchange Commission (SEC) has declined to approve CBOE BZX’s applications for the proposed Solana ETFs, resulting in these ETFs being taken down from their platform.
Nevertheless, even though the documents have been taken down from the CBOE’s website, Matthew Sigel, who leads digital assets research at VanEck, has offered some comforting words.
Execes remain optimistic
According to the latest news from X (previously known as Twitter), Sigel confirmed that their Exchange Traded Fund (ETF) application is yet to receive a final decision, expressing optimism by saying, “our application is still being considered.”
This statement aims to remove concerns and clarify that the withdrawal of the filings does not signal the end of their Solana ETF proposal.
“Keep in mind that platforms such as Nasdaq and CBOE submit rule amendments (19b-4) for listing new Exchange Traded Funds (ETFs). Companies like VanEck are accountable for the prospectus, or S-1 documents. Rest assured, our application is still being considered.”
What’s going on?
In case you haven’t heard yet, on July 9th, VanEck and 21Shares filed a petition with the Securities and Exchange Commission (SEC) through a 19b-4 filing, aiming to have their Solana ETFs listed on CBOE.
This filing is separate from the S-1 forms typically submitted by issuers.
On or after the 9th of August, the filing for the ETF disappeared from CBOE’s website, sparking rumors about its present condition and whether the ETF proposals might be withdrawn.
Significantly, the SEC’s denial of the 19b-4 forms indicates that the Solana ETF applications have not progressed towards being approved.
However, these forms can be revised and resubmitted with stronger arguments.
That being said, this news seemed to not upset many, as noted by an X user- Sssebi, who said,
“At this point all the experienced people know what a scam Solana is this is why there won’t be a Sol ETF.”
Was SOL’s price affected?
Despite recent news, Solana’s price trend has stayed fairly steady, experiencing a slight uptick of approximately 1.3% over the last day. As per CoinMarketCap, it is currently trading at $145.37.
Nevertheless, the ending Bollinger Bands and the Relative Strength Index (RSI) being situated beneath the neutral threshold, suggest a prolonged negative outlook that may persist for an extended period.
If SOL breaks through the barrier at $157.34, it could signal a shift where the bulls’ strength overtakes the bears’.
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2024-08-21 05:44