Solana Jumps 5.5% As Cboe Files Application With SEC To List VanEck, 21Shares Spot ETFs

Exchange operator Cboe Global Markets Inc. (BATS:CBOE) has submitted a request to the SEC to list Solana (CRYPTO: SOL) spot exchange-traded funds applied by VanEck and 21Shares.

What Happened: The exchange submitted a 19b-4 application with the regulator, according to a Reuters report Monday. The application seeks approval for the listing of ETFs from VanEck and digital asset manager 21Shares, which would be the first ETF products linked to Solana if greenlighted by the agency.

See Also: Bitcoin’s Bullish Future: Analyst Predicts 80% Rally After Correction, But Here’s The Catch

The exchange submitted two 19b-4 filings with the SEC on Monday, requesting permission to list these products upon regulatory approval. With the SEC’s acknowledgment of the filing, a 240-day window has begun during which the regulator must decide on the products.

As per rules, SEC has 240 days to deny or approve Cboe’s 19b-4 application. Note that Cboe already lists some of the Bitcoin (CRYPTO: BTC) spot ETFs, including VanEck Bitcoin Trust (BATS:HODL), and Fidelity Wise Origin Bitcoin Fund (BATS:FBTC)

Why It Matters: The filing of the 19b-4 document is the second step in the process, following the submission of S-1 documents by VanEck and 21Shares late June,

In a bull case scenario, Solana could spike up to 8.9x if ETFs are approved, a recent report suggested, while a bear case scenario could send the fifth-largest cryptocurrency up 1.4x.

Price Action: At the time of writing, SOL was exchanging hands at $140.80, following a 5.56% spike in the last 24 hours, according to data from Benzinga Pro. 

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.