New Developments on SOL Spot ETF
Continuously track the application and review progress of the SOL spot ETF.
10:42 Bloomberg analysts: The chances of Solana ETF approval are extremely slim unless there is a change in the SEC leadership
ChainCatcher news, Bloomberg ETF analyst Eric Balchunas stated on the X platform that the Solana ETF application submitted by CBOE failed to pass the second step in the SEC review process, and the SEC did not confirm it, leading to the application being "declared dead" directly. As a result, exchanges have withdrawn their 19b-4 applications, although the issuer's S-1 form remains valid. Unless there is a change in the SEC leadership, the chances of this application being approved are extremely slim.
09:36 Viewpoint: Why is it difficult to wait for the SOL ETF?
After the approval of Bitcoin ETF and Ethereum ETF this year, discussions about the next crypto ETF have arisen, with most people optimistic about the SOL ETF. However, Ebunker co-founder 0xTodd has always held a pessimistic view on the SOL ETF.
21:45 Institutional clients, the U.S. election? Who is really behind the push for the Solana spot ETF?
Is the release of the news regarding the Solana spot ETF submission just a form of hype?
20:24 The VanEck Solana ETF application document contains a unique risk: the concentrated ownership of SOL tokens
According to ChainCatcher news, VanEck specifically pointed out a particular risk in its submitted Solana spot ETF application that was not seen in other ETF applications, namely the concentrated ownership of SOL tokens.According to VanEck's documents, at the end of November last year, the largest 100 wallets containing SOL tokens held about one-third of the circulating SOL. The document emphasizes: "Due to this concentration of ownership, significant sales or distributions by such holders may adversely affect market prices." Since the distribution of SOL tokens is not as widespread as that of Bitcoin and Ethereum, this concentrated ownership situation may become an obstacle to the approval of the VanEck Solana ETF.Additionally, VanEck listed many of the same risks in its Solana ETF application that were included in its Ethereum ETF application.
08:17 Opinion: The U.S. SEC has clearly stated that Solana is a security, and the approval of ETFs may need to wait for a change in regulatory leadership
ChainCatcher news, according to The Block, investment management firm VanEck has applied to launch a Solana ETF that tracks the price of Solana's native token. Many analysts have stated that after the U.S. Securities and Exchange Commission (SEC) recently gave the green light for Ethereum-based ETFs, it was inevitable that the market would apply for a Solana ETF, but few doubt it will succeed at the first attempt.Haseeb Qureshi, a partner at investment firm Dragonfly Capital, said, "This is impossible to accomplish; I suspect VanEck is building goodwill and laying the groundwork for a future launch." "But the SEC has made it clear that they consider SOL to be a security. This administration will not budge on this matter." James Seyffart, an ETF expert at Bloomberg Intelligence, also agreed, stating on X that the fund "only has a chance to launch sometime in 2025 if there is new management in the White House and the SEC."The biggest legal hurdle facing the SOL ETF is that the SEC's enforcement division has explicitly stated that SOL is an unregistered security. Notably, this occurred a year ago when the agency sued Binance for having markets in Solana and 11 other cryptocurrencies. The SEC's opinion is based on the securities laws passed in the early 1930s and the Howey Test, which determines what constitutes a "security investment." Essentially, if a person invests funds in a common enterprise and expects to profit from the efforts of others, the SEC can declare that asset a security.
21:50 Bloomberg analyst: The VanEck SOL ETF could launch sometime in 2025
ChainCatcher news, Bloomberg analyst James Seyffart posted on the X platform that VanEck has submitted the first SOL ETF in the U.S. It is worth noting whether other issuers will follow suit. The current thought is that if there is a new administration in the White House and a change in the SEC, the relevant applications might be launched sometime in 2025, but it may also not materialize.
21:43 VanEck: Why are we applying for a SOL ETF?
The decentralized nature, high practicality, and economic viability of SOL are consistent with the characteristics of other established digital goods.
21:35 VanEck Digital Asset Research Director: SOL is an attractive commodity
ChainCatcher news, VanEck's Head of Digital Asset Research Matthew Sigel posted on the X platform that VanEck has recently applied for the first Solana exchange-traded fund (ETF). Sigel emphasized that Solana, as a competitor to Ethereum, is an open-source blockchain software that offers high throughput, low fees, and strong security.Solana's decentralized nature, high practicality, and economic viability align with the characteristics of other mature digital commodities, making it an attractive choice for an ETF. VanEck believes that SOL, as a digital commodity, can provide diverse application scenarios and investment opportunities for investors, developers, and entrepreneurs.
21:20 VanEck: SOL is a commodity, although the SEC refers to it as a security in the lawsuit
ChainCatcher news, according to THE BLOCK PRO on the X platform, VanEck claims that SOL is a commodity, even though the SEC refers to it as a security in the lawsuit.
