Solana (SOL) Price Prediction: Will SOL Rise After the CBOE Requests SEC Approval for a Solana-based ETF?
- PHPzOriginal
- 2024-08-09 18:07:27364browse
The Cboe has formally requested the SEC to approve the launch of a Solana-based exchange-traded fund (ETF) by asset managers VanEck and 21Shares.
Solana (SOL) price might be up for a new all-time high (ATH) following the latest filings submitted by asset managers VanEck and 21Shares on Monday, March 27. The filings aim to introduce Solana-backed exchange-traded funds (ETFs) on Cboe Global Markets Inc (NASDAQ: CBOE).
The asset managers submitted two 19b-4 filings to the SEC, seeking permission to list these Solana-backed products on the exchange. Once the SEC acknowledges the filing, it has 240 days to make a decision on the ETFs.
The filings come after the SEC approved the first U.S. spot Bitcoin ETFs on Cboe, kicking off the TradFi institutional money into crypto. Now, with several issuers submitting updated S-1 forms on Friday and earlier Monday, the SEC is expected to approve Solana ETFs soon. However, these latest filings do not include fee information, indicating that there may still be further amendments.
In June, both VanEck and 21Shares filed an S-1 form, a necessary step for offering a new security on the market. The 19b-4 filing, submitted to notify the SEC of a proposed rule change by a self-regulatory organization.
Solana (SOL) price currently trades above $138 SOL/USDT on Gate.io, showing a promising prospect for the token being added to the ETF bandwagon. If approved, this would mean that TradFi institutional money will gain access to the Solana’s native SOL token and can acquire and trade it.
This might propel SOL to a new ATH, beyond its previously achieved record of $258 that it reached back in 2021. Conversely, if the ETF applications are declined, one should not interpret it as the end for Solana.
The network itself continues to show high activity, first becoming the main playground for new NFTs, and now turning to meme coins as the trampoline that takes it to the next level.
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