Asset manager VanEck remains committed to launching a Solana exchange-traded fund (ETF) despite recent developments that have sparked speculation about the project’s future.
The uncertainty started after Cboe Global Markets’ regulatory filing proposing to list the fund was removed from its website.
Cboe Filing Removal
Matthew Sigel, VanEck’s head of digital assets research, addressed concerns in a recent X post, clarifying that the removal of the filing does not mark the end of the company’s Solana ETF ambitions.
He acknowledged that the 19b-4 for the VanEck Solana ETF has been taken off the CBOE website but confirmed that the S-1 prospectus for the product is still active. This indicates that the company is continuing with its plans, and the ETF remains in play.
The now-absent 19b-4 filing, submitted by Cboe on July 8, sought approval from the U.S. Securities and Exchange Commission (SEC) to list VanEck’s and 21Shares’ planned Solana ETFs.
Such filings, handled by exchanges like Nasdaq and Cboe, are different from the S-1 prospectuses that issuers like VanEck are responsible for submitting. However, as of August 9, the filing was no longer visible on Cboe’s website, fueling rumors about the status of the ETFs.
Summers, co-founder of the intelligence network Synoptic, highlighted the filings’ disappearance in an August 17 X post, pointing out that related documents were no longer accessible through Cboe’s pending rule changes.
He questioned whether the 19b-4s had been withdrawn entirely, given the SEC’s silence on the matter.
Experts Doubt Solana ETF Approval
Scott Johnsson, general counsel at Van Buren Capital, reacted to the removal with skepticism, suggesting that the Solana ETF might be “dead on arrival” under the current SEC administration, led by Chair Gary Gensler.
Johnsson speculated that the regulator may have flagged the filings as improperly categorized, believing that Solana is not a commodity. If true, this could explain the lack of a formal disapproval notice from the agency.
Nate Geraci, president of the ETF Store, agreed with Johnsson’s concerns, viewing the developments as a strong indication that a Solana ETF is unlikely to gain approval under the current regulatory regime.
Despite these challenges, VanEck remains committed to its Solana ETF proposal. Sigel reaffirmed the firm’s position that Solana, like Bitcoin and Ethereum, functions as a commodity.
He noted that evolving legal perspectives support this view, with some courts and regulators recognizing that certain crypto assets may act as securities in primary markets but behave more like commodities in secondary markets.
“We remain committed to advocating this position alongside our exchange partners to the appropriate regulators,” Sigel concluded.
