21shares
VanEck, 21Shares Solana ETF Apparently Removed From Cboe
Published
1 month agoon
By
adminVanEck and 21Shares’ 19b-4 filings for Solana exchange-traded fund (ETF) are no longer available on the Cboe website. Both companies filed S-1 forms for spot Solana ETF in late June after the clarity on approval for nine spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC).
Have VanEck and 21Shares Dropped Plans For Spot Solana ETF?
Solana ETF 19b-4 forms by VanEck and 21Shares appear to have been removed from the Cboe website, according to a post on the X platform on August 17. He shared that the documents SR-CboeBZX-2024-066 and SR-CboeBZX-2024-067 aren’t accessible through direct link. In addition, they are no longer visible in BZX Pending Rule Changes.
VanEck and 21Shares filed 19b-4 applications on July 8, after they revealed their initial plan in S-1 filings in June to offer spot Solana ETFs. However, the U.S. SEC has never issued notices of filings, starting a debate on whether the 19b-4 filings were withdrawn.
The 19b-4 submission is the second step in the ETF process after an S-1 form. It informs the SEC of a proposed rule change by a self-regulatory organization (SRO) such as an exchange. After the 19b-4 filings, the SEC confirms receipt of the filing. It is followed by the opening of a 240 days window in which the regulator makes a decision on the products.
ETF Experts Reacts on the Missing Filings
Scott Johnsson, general counsel at Van Buren Capital, said it is not surprising to him what is happening in the U.S. SEC under Gary Gensler. Johnsson asserts Gensler would have rejected VanEck and 21Shares Solana ETFs after the filings. He is anti-crypto and reluctant to any crypto exchange-traded funds approval.
“I’m assuming Gary notified CBOE that these SOL apps were improperly filed as Commodity-Based Trust Shares (because he thinks SOL isn’t a commodity), which obviates the need for the SEC to provide a formal written disapproval order (that is reviewable as a final agency action).”
My guess on what is happening is Gary says SOL ETF is DOA under his watch (not surprising). https://t.co/g5Tz8Zjoqh
— Scott Johnsson (@SGJohnsson) August 17, 2024
Nate Geraci, president of ETFStore, confirmed that the ETF 19b-4 filings were removed. He added that Solana ETF will never get approval anytime soon under the current administration.
Meanwhile, SOL price is trading under selling pressure amid the bearishness in the crypto market. The fear and greed index has dropped to a low of 25 (fear) today, creating a panic situation among investors. SOL price is currently trading at $139.51, down 3% in the past 24 hours. The trading volume has dropped more than 20% over the last day.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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21shares
Coinbase Named As Trusted Partner and Custodian of Eight Ethereum ETFs, Says CEO Brian Armstrong
Published
2 months agoon
July 24, 2024By
adminCoinbase is serving as a custodian for eight of the nine newly approved Ethereum (ETH) exchange-traded funds (ETFs), according to Brian Armstrong, the exchange’s chief executive.
Nine Ethereum ETFs kicked off trading in the US on Tuesday, including products from BlackRock, Fidelity, 21Shares, Invesco, Franklin Templeton, VanEck, and Bitwise, as well as two different funds from Grayscale.
Of those newly approved ETFs, only Fidelity isn’t tapping Coinbase as a custodian, with the firm choosing to use itself instead, according to a graphic shared by James Seyffart, an ETF research analyst at Bloomberg Intelligence.
VanEck names Gemini as a primary custodian for its ETF but says in its filing with the Securities and Exchange Commission (SEC) that it will utilize Coinbase Custody as an “additional custodian.”
Armstrong says the launches are a “huge step forward for regulatory clarity.”
“ETH is not a security! We’ve been saying it for years and today the SEC finally made it official.”
Seyffart noted on Tuesday evening that Ethereum ETFs witnessed approximately $165 million worth of outflows on their first day, primarily due to $484.1 million leaving Grayscale’s ETF product, which converted from the preexisting Grayscale Ethereum Trust.
The ETF analyst’s numbers do not include the totals from BlackRock and Invesco, however.
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