Key Takeaways
- Fidelity Investments has filed for a spot Solana ETF with Cboe, the financial services giant.
- Cboe is the latest financial service giant to take the initiative towards launching a fund based on the Solana platform, says reports.
- The official announcement notes that the platform has already submitted a 19b-4 filing with the US Securities and Exchange Commission on March 25.
- Various other filings have also been taking place for Solana ETF, including Grayscale, Franklin Templeton, and VanEck.
The filings for the spot Solana ETF are making headlines again. Following the giants like Grayscale, Franklin Templeton, and VanEck, the financial service giant Cboe BZX Exchange has also requested permission from the US Securities and Exchange Commission. According to available information, the latest filing for Solana holdings was made on Tuesday, March 25. The filings suggest that Fidelity Investments is looking forward to listing its Solana ETF on the Cboe exchange very soon.
Even though Fidelity Investments should file an S-1 registration statement describing the product, the major step in gaining the approval of the SEC is the 19b-4 form filed last day. With the recent high trading price of the Solana token, which is recorded at approximately $145, recording an increase of 1,2%, this token is considered to be the sixth-largest digital asset in terms of performance, increasing its worth.
The Increasing Affinity Towards Spot Solana ETFs
As mentioned, Cboe BZX Exchange is the latest to file the 19b-4 form to list the spot Solana ETF. However, before Cboe, various other prominent firms had filed requests to the US SEC for the spot Solana ETF listing. Some of the prominent names from this list include Grayscale, Bitwise, 21Shares, Franklin Templeton, Canary, and VanEck.
Volatility Sares Solana ETF (SOLZ) and the Volatility Shares 2X Solana ETF (SOLT) are the initial ETFs that provided US investors an exposure to Solana’s native token, which was launched back in March. According to reports, the SOL’s performance is leveraged 2x with the SOLT ETF.
A recent research by Bloomberg Senior ETF Analyst Eric Balchunas, released earlier this year, noted that the Solana ETFs would receive high consideration this year. Although he did not predict the exact timing of the token reaching its best performance, he noted that there was a 70% chance for Solana ETFs to receive a green light this year. The current reports and increasing filings for spot SOlana ETFs also justify this prediction.
Similarly, around a dozen asset managers are in a rush to gain the SEC’s permission to launch altcoin ETFs such as Litecoin, XRP, Dogecoin, the Official Trump coin, and more. Moreover, issuers are also demanding changes in existing ETFs. According to reports, the issuers asked the SEC to approve various changes, including allowance for staking and in-kind redemptions.
Also read: All About Celo L2 Mainnet Announcement
Influence Of Donald Trump In Crypto
As expected by the crypto enthusiast, the regaining of power by Donald Trump has significantly influenced the crypto landscape in the US. Under the presidential rule of Joe Biden, the SEC has sued various crypto exchanges in lawsuits on multiple allegations, like security violations and more. However, most of these lawsuits have been dismissed since Donald Trump retained power. Similarly, various laws and rules in favor of crypto, including a Bitcoin reserve, have also been introduced by Trump. Furthermore, one-of-a-kind events like the first crypto summit hint at the upcoming significant changes in the US crypto world, making them the masters of the trade.