Hassan Maishera
TL;DR
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The U.S. SEC is engaging Solana ETF applicants, with investors confident of approvals in 2025.
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Bitwise joined the race for Solana ETF after filing paperwork with the regulator.
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SOL has hit a new all-time high price of $264.
The SEC is Engaging Solana ETF Applicants: Report
The United States Securities and Exchange Commission (SEC) is now engaging on S-1 applications for Solana exchange-traded funds (ETFs). This is according to Fox News reporter Eleanor Terrett, citing two people familiar with the matter.
🚨SCOOP: Talks between @SECGov staff and issuers looking to launch a $SOL spot ETF are “progressing” with the SEC now engaging on S-1 applications, according to two people familiar with the matter. These people say there’s a “good chance” we’ll see some 19b4 filings from…
— Eleanor Terrett (@EleanorTerrett) November 21, 2024
Terret stated that,
“Talks between SEC staff and issuers looking to launch a $SOL spot ETF are “progressing” with the SEC now engaging on S-1 applications, according to two people familiar with the matter. These people say there’s a “good chance” we’ll see some 19b4 filings from exchanges on behalf of prospective issuers — the next step in the ETF approval process — in the coming days.”
However, she clarified that the filing of the 19b4s does not guarantee approval by the SEC.
“Indeed, previous 19b4 filings from VanEck and 21Shares were taken down from the CBOE’s website in August with some industry participants speculating the reason was that the agency under @GaryGensler was not inclined to approve such listings," she added.
VanEck was the first to file for a Solana ETF on June 27, shortly after the SEC approved 19b-4 forms for spot Ethereum ETFs. it was followed by filings from 21Shares and Canary Capital. They have now been joined by Bitwise, which filed for its Solana ETF on Wednesday.
Solana Hits a New All-time High
SOL, Solana’s native coin, has hit a new all-time high amid the ETF frenzy. The coin added more than 8% to its value in the last 24 hours and reached a new all-time high price of $264.
At press time, SOL is trading at $261 and could rally higher in the short to medium term. Year-to-date, SOL added more than 300% to its value, overtaking BNB to become the fourth-largest cryptocurrency by market cap.
