Cboe BZX Exchange Files for SOL Spot ETF, Bloomberg Analyst: Next President is Key

The Cboe BZX exchange submitted a 19b-4 form for the 21Shares Core Solana ETF and the VanEck Solana Trust on Monday. Bloomberg ETF analyst Eric Balchunas believes that the final deadline is expected to be in mid-March 2025, with the next president being key to its approval.

Cboe BZX's Cryptocurrency-related Products

Cboe BZX Exchange is one of the largest stock exchanges in the United States, primarily offering listings and trading of stocks, Exchange-Traded Products (ETPs), and Exchange-Traded Funds (ETFs). Its parent company is Cboe Global Markets.

In the Bitcoin spot ETFs listed in January this year, six options chose to list and trade on Cboe BZX:

• Ark 21Shares Bitcoin ETF
• Wise Origin Bitcoin Trust
• WisdomTree Bitcoin Trust
• VanEck Bitcoin Trust
• Invesco Galaxy Bitcoin ETF
• Franklin Bitcoin ETF

SOL Has "Other Means to Prevent Fraud and Manipulation"

In the initial filing 19b-4 document, the exchange compares the SOL spot ETF, although not formally listed, with approved Bitcoin spot ETFs and Ethereum spot ETFs.

Similar to Bitcoin and Ethereum, the exchange believes SOL can resist price manipulation and has "other means to prevent fraud and manipulation," which can demonstrate that abandoning large-scale monitoring sharing protocols is reasonable.

VanEck applied for the first Solana Exchange-Traded Fund (ETF) in the U.S. on June 27, with 21Shares following closely behind.

VanEck Files for First Solana ETF in the U.S., Bloomberg Analyst: Possible but Not Likely

There are mixed opinions in the market on the approval likelihood of the SOL ETF. Cboe, the exchange where multiple Bitcoin spot ETFs are listed, believes that without establishing a futures market or changing regulatory conditions, it is impossible for a cryptocurrency ETF other than Bitcoin and Ethereum to emerge. JPMorgan and Bloomberg also express doubts about the approval possibility, but Bernstein believes that the approval of an Ethereum ETF will pave the way for similar tokens like Solana to obtain commodity classifications.

Bloomberg Analyst: Next President is Key

Bloomberg ETF analyst Eric Balchunas stated:

It appears the final deadline for the Solana ETF is mid-March 2025. If Biden wins, this could be a life-or-death struggle, Dead or Alive, DOA. If Trump wins, anything is possible.