ChainCatcher news, Bloomberg senior ETF analyst Eric Balchunas stated that the SEC, led by Gary Gensler, has rejected the application for the Solana ETF, and it is expected that the issuer will resubmit the application after the new SEC chairman Paul Atkins takes office.

ChainCatcher news, Bloomberg senior ETF analyst Eric Balchunas stated that the SEC, led by Gary Gensler, has rejected the application for the Solana ETF, and it is expected that the issuer will resubmit the application after the new SEC chairman Paul Atkins takes office.

ChainCatcher news, Grayscale Investments and the New York Stock Exchange (NYSE) submitted the 19b-4 filing for a Solana ETF to the U.S. SEC yesterday. With Grayscale's involvement, the only major crypto ETF issuers that have not yet applied for a Solana ETF are BlackRock, Fidelity, ProShares, and Ark. Notably, none of these proposed Solana ETFs will provide staking rewards to investors.This is not voluntary. Solana ETF issuers followed the precedent set by Ethereum ETFs, excluding staking rewards to comply with SEC guidelines. The details of the dialogue between Ethereum ETF issuers and the SEC remain unclear. However, the SEC seems concerned that staking rewards could be classified as securities, as well as the potential forfeiture risks associated with staking ETH.Therefore, when they began applying for the Solana ETF, these institutions opted out of staking from the start. Nevertheless, the issuers have repeatedly insisted that despite the lack of staking rewards, gaining compliant exposure to Solana directly in brokerage accounts makes these products still attractive.However, for Solana, the opportunity cost of forgoing staking is much higher than for Ethereum. According to the Ethereum Foundation, the current staking annual yield for Ethereum is 3.4%. According to data from 21.co, the average staking annual yield for Solana over the past week is 11.4%. The staking rewards for SOL are not always that high, but even in the relatively sluggish month of August, its yield exceeded 8%.

ChainCatcher news, according to Bloomberg Terminal data, the Solana ETF applications submitted by four institutions including VanEck, 21Shares, Canary, and Bitwise will face the SEC's first review deadline on January 25, 2025.The 19b-4 applications from these four institutions were officially accepted by the SEC on November 21, 2024. According to the approval process, the SEC is required to make an initial decision within 45 days of acceptance, which may involve approval, rejection, or postponement.It is worth noting that Grayscale's earlier submission for the conversion of the Solana trust fund to an ETF has an initial review deadline of January 23, 2025. The market generally expects that the SEC may adopt a unified approach to review these Solana ETF applications.

ChainCatcher news, The ETF Store President Nate Geraci stated: "I believe the likelihood of a Solana ETF being approved by the end of next year is very high. The SEC is likely currently in discussions with issuers about this product, which is clearly a positive signal."Given that industry leaders like Bitwise have already submitted applications, Two Prime Digital Assets CEO Alexander Blume also agrees with this view. "If they didn't have a good feeling about being successful, they wouldn't waste time and money doing this," Blume said, adding that the success and precedent set by spot Bitcoin and spot Ethereum ETFs, along with a more crypto-friendly regulatory environment, will lead to the launch of a SOL ETF within the year.

ChainCatcher news, according to Cointelegraph, Bitwise has submitted documents to the Delaware Department of State in the United States to apply for the registration of its first Solana ETF.

ChainCatcher news, The ETF Store President Nate Geraci posted on the X platform revealing that VanEck's Head of Digital Asset Research Matthew Sigel stated, "I believe the likelihood of a Solana ETF being listed by the end of next year is very high."

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.

ChainCatcher news, the Brazilian Securities Commission (CVM) has approved the second Solana exchange-traded fund (ETF), which the agency disclosed in its central database.According to the CVM database, the new Solana (SOL) ETF is in the pre-operational phase and will be launched by Brazil's Hashdex (an asset management company based in Brazil managing over $962 million in assets) in partnership with local investment bank BTG Pactual.It is reported that Hashdex is an experienced player in the ETF space on the B3 stock exchange in Brazil, having launched products such as the Nasdaq Crypto Index and ETFs based on Bitcoin and Ethereum.Previously, on August 8, the CVM approved the country's first Solana ETF, issued by Brazilian asset management company QR Asset.

ChainCatcher news, according to X user SummersThings, the 19b-4 forms for the VanEck and 21Shares Solana ETF appear to have been removed from the CBOE website. The documents SR-CboeBZX-2024-066 and SR-CboeBZX-2024-067 are no longer accessible via direct links and are no longer visible in the BZX Pending Rule Changes.Both applications were submitted on July 8, but the U.S. Securities and Exchange Commission (SEC) has never issued a notice of application regarding these submissions.

ChainCatcher news, according to CoinDesk, market observers say that the increase in trading activity and expectations for the development of Solana ETFs may be the reasons for Solana's recent strong performance.The SOL token has risen more than 18% in the past week, outperforming Bitcoin (BTC) and Ethereum (ETH), trading above $180 in early Monday trading, reaching a three-month high.Amberdata blockchain researcher Pat Doyle shared: "The Solana ecosystem is showing strong growth, evidenced by increased DEX activity, a rise in daily active users, and accumulating network fees. These strong fundamentals, combined with positive market sentiment, are driving SOL forward."

ChainCatcher news, Bloomberg's senior ETF analyst Eric Balchunas explained on social media platform X on Wednesday that the final deadline for the Solana ETF appears to be mid-March 2025. However, the most important date from now until then is November. If Biden wins, these ETFs are likely to be eliminated. If Trump wins, anything is possible.

According to ChainCatcher news, Nate Geraci, president of ETF Store, disclosed on social media that the global head of ETF listings at the Chicago Board Options Exchange (Cboe) commented on the Solana ETF 19b-4 filing, stating that Cboe is now addressing the growing interest from investors in Solana—one of the most actively traded cryptocurrencies after Bitcoin and Ethereum.

ChainCatcher news, Bloomberg ETF analyst Eric Balchunas stated on social media that the final deadline for the Solana ETF is mid-March 2025. "But during this period, the most important date is November. If Biden wins, these ETFs are likely to be rejected. If Trump wins, anything is possible."