The Chicago Board Options Exchange (Cboe) submitted 19b-4 filings to the U.S. Securities and Exchange Commission (SEC) on Monday on behalf of 21Shares and VanEck for a Solana spot ETF. Eric Balchunas, a senior ETF analyst at Bloomberg, stated that the final deadline for SEC approval is mid-March 2025, and the outcome of the U.S. presidential election in November this year will be a crucial factor in determining whether the applications are approved.
Cboe officially requested the launch of a Solana spot ETF for VanEck and 21Shares by submitting two 19b-4 filings to the SEC on Monday. As per convention, once the SEC confirms the receipt of the applications, it will have 240 days to decide whether to approve these investment products.
Rob Marrocco, the Global Head of ETP Listings at CBOE Global Markets, stated that VanEck and 21Shares are leading the way. Both companies submitted S-1 filings last month for the launch of a Solana spot ETF. When an entity wishes to issue new securities in the market, it must submit an S-1 filing. The second necessary step in the application process is submitting a 19b-4 filing to inform self-regulatory organizations (SROs) such as exchanges of proposed rule changes.
Cboe already lists six out of the existing ten Bitcoin spot ETFs, including products issued by Fidelity, Ark/21Shares, and VanEck. If the next five Ethereum spot ETF applications are approved, Cboe will also list these Ethereum spot ETFs.
Eric Balchunas, a senior ETF analyst at Bloomberg, stated that the final deadline for the approval of the Solana spot ETF should be mid-March 2025. However, the most important date before that is the U.S. presidential election in November this year. If the incumbent president, Biden, wins, these ETFs are likely to be rejected. If Trump wins, anything is possible.
In addition, Grayscale, which has applied to convert the Grayscale Ethereum Trust (ETHE) into an Ethereum spot ETF, submitted an application to the SEC in April this year for a new Ethereum Mini Trust (Grayscale Ethereum Mini Trust, ETH). Grayscale announced today that July 18, 2024, will be set as the record date for the initial creation of the ETH Mini Trust and the distribution of ETH Mini Trust shares to ETHE shareholders. Grayscale plans to list the ETH Mini Trust on the New York Stock Exchange Arca with the ticker symbol ETH after receiving regulatory approval. The announcement stated that in the initial distribution, ETHE will contribute 10% of the Ethereum it holds as of 4:00 PM Eastern Time on the record date to the ETH Mini Trust. Each holder of ETHE shares as of the record date will have the right to receive ETH Mini Trust shares on a 1:1 basis.
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