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US SEC Won’t Entertain Solana ETF, $300 SOL Price At Risk?

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6 months ago

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The approval of spot Solana ETFs won’t go through, with the U.S. Securities and Exchange Commission (SEC) notifying two of the five prospective issuers. Reports suggest that the regulator will reject their 19b-4 filings. The SOL price has been holding firm at its crucial resistance level of $240, as skepticism draws whether it could continue the rally to $300.

US SEC to Reject Spot Solana ETF Applications

Fox Business journalist Eleanor Terret has reported that the U.S. Securities and Exchange Commission (SEC) has informed at least two of the five applicants for Solana (SOL) spot ETFs that their 19b-4 filings will be denied.

According to Terret, industry insiders believe the SEC is unlikely to approve any new cryptocurrency ETFs under the current administration. Thus despite the growing demand for crypto ETFs, the regulatory resistance for such crypto investment products continues to persist.

One user on X responded to Terret stating that the odds are still in favour of the approval. Responding to this, the journalist wrote: “The SEC won’t approve just one or a couple and not the others. Remember the bitcoin ETFs? Eleven launched on the same day”.

However, the development hasn’t surprised crypto industry veterans who expect no major development until Paul Atkins takes charge of the US SEC Chair in January. Speaking on the development, ETF Store President Nate Geraci stated:

“No surprise, but won’t be any movement on spot crypto ETF filings until new leadership in place… Lame duck”.

Geraci further added that the interesting thing is that the SEC recently acknowledged Bitwise Crypto Index ETF, which has a 4% weightage to Solana.

On the other hand, crypto industry players are turning positive for Solana ETF approval following the latest approval of David Sachs for the AI and crypto czar role at the White House. President-elect Donald Trump made the announcement official on his social media platform Truth Social.

SOL Price Rally to $300 At Risk?

While other altcoins have made a strong move triggering the altcoin season, the SOL price has remained flattish flirting around its crucial resistance $240.Furthermore, XRP overtook Solana amid a strong undercurrent from the bulls with over 50% XRP price gains on the weekly chart.

At press time, the SOL price is trading 1.68% up at $241 with a market cap of $114.569 billion. The pessimism surrounding the Solana ETF approval has yet reflected in its price. Some market analysts believe that following the recent consolidation phase, SOL is poised for a technical breakout pushing it to a new all-time high of $290-$300.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

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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Pakistan Proposes New Crypto Regulations

Published

10 hours ago

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June 3, 2025

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Pakistan is taking concrete steps towards regulating cryptocurrencies, with the Crypto Council drafting a new framework for digital assets. While cryptocurrency still remains illegal in the country, the Crypto Council aims to build a secure and transparent crypto ecosystem. Significantly, this crypto regulation move follows the country’s recent decision to establish a Strategic Bitcoin Reserve.

Pakistan Crypto Regulation: New Policies Take Shape

The Pakistan Crypto Council (PCC) convened a high-level meeting in Islamabad, taking significant steps towards creating a solid crypto regulatory framework for the country. The council aims to build a robust crypto framework that balances innovation with security, transparency, investor protection, and financial inclusion.

Notably, the Pakistan crypto regulation aims to promote blockchain growth, protect investors, and drive financial inclusion. As part of its crypto regulation plans, the country has established the Pakistan Digital Assets Authority (PDAA).

The meeting was led by Finance and Revenue Minister Senator Muhammad Aurangzeb. Other members included the SBP Governor, the SECP Chairperson, and law and IT ministry officials. A technical committee comprising representatives from the State Bank of Pakistan, Securities and Exchange Commission of Pakistan, and other relevant government agencies will be formed to further develop these initiatives.

“Participants also discussed various options around the establishment of an autonomous regulatory authority to oversee and regulate the digital finance and crypto ecosystem in the country,” added the ministry. The finance division posited,

It was agreed to constitute a technical committee comprising representatives from SBP (State Bank of Pakistan), SECP (Securities and Exchange Commission of Pakistan), Law Division, and IT & Telecom Division. The committee will review the draft laws and propose a robust framework and governance structure to be reviewed by the Pakistan Crypto Council in its next meeting.

Regulatory Clarity Paves the Way for Pakistan’s Bitcoin Reserve

At the Bitcoin Conference, Crypto Council Head Bilal Bin Saqib announced Pakistan’s potential plans to embrace a Bitcoin reserve. However, the plan is expected to face scrutiny from the International Monetary Fund (IMF), which could complicate its implementation. This development was covered by CoinGape and later confirmed by local news outlet Samaa.

Significantly, the establishment of clear crypto regulations could play a crucial role in aiding the country’s Bitcoin reserve plans. A well-defined framework would protect investors and ensure the initiative’s long-term sustainability. It could also help address IMF concerns and reduce potential complications.

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Nynu V Jamal

Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.

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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Ark 21Shares Bitcoin ETF to undergo 3-for-1 split from June 16

Published

16 hours ago

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June 3, 2025

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Ark 21Shares Bitcoin ETF (ARKB) will undergo a 3-for-1 share split, effective from June 16, in order to make funds more accessible to investors, announced 21Shares, one of the world’s largest issuers of crypto exchange traded funds (ETFs).

In a statement released on Monday, 21Shares, a fin-tech giant, claimed that their recent step to split their stocks 3-for-1 will invite a “broader base of investors thereby enhancing trading efficiency. 21Shares clarified that their decision to spit their share 3-for-1, effective June 16, will not change their total net asset value (NAV) and the shares will continue trading under the ticker symbol ARKB.

According to a report in Reuters, ARKB has gained almost 12% so far this year and nearly 27% quarter-to-date. It closed trading at $104.25 on Monday. 21Shares holds the largest suite of crypto ETPs and is one the leading provider of ETFs.

ARKB is a physically backed Bitcoin ETF offering direct exposure to Bitcoin to customers without actually holding the token.

The recent decision by 21Shares to split their ARKB stocks 3-for-1 might lure retail investors with a psychological attraction of purchasing the stocks at a lower price, however, the decision is not going to impact the net asset value held by individual share holders. According to 21Shares, lower price of their stocks would also increase trading volume on a day-to-day basis and thereby increase liquidity through retail inflows.

Another possible implication of 21Shares announcing 3-for-1 stock split is to increase the retail inflow in the Bitcoin ETF, especially after $358 million outflow was recorded in U.S. Spot Bitcoin ETFs on May 30, according to a report by JP Morgan.

How does the 3-for-1 ARKB stock split work?

21Shares has clarified that their decision to split stocks 3-for-1 will not impact their net asset value and post June 16, the price per share will be a third of its pre-split value. As ARKB closed at $104.25 on Monday, the same stock price would now drop to roughly $34.50 per share and the stockholder would now get 3 shares despite any change in total asset value and underlying Bitcoin exposure.

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Vaibhav Jha

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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Robinhood Completes Bitstamp Purchase

Published

22 hours ago

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June 3, 2025

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Robinhood has bought Bitstamp, a top crypto exchange which launched in 2011. By taking this action, the company demonstrates its desire to be a major player in the global crypto market.

Robinhood’s Bitstamp Acquisition Will Expand Its Global Reach

With offices in Luxembourg, the UK, Slovenia, Singapore and the U.S., Bitstamp is active in many countries. Due to these licenses, Robinhood can enter the EU, UK and Asian crypto markets more smoothly.

Bitstamp has a reputation for being very reliable. Traders like the platform for its stable trade orders, extensive order books and well-built systems. As a result of acquiring Bitstamp, Robinhood will be working with more institutional clients.

Until now, Robinhood focused mostly on U.S. retail customers. This acquisition allows the firm to grow globally and serve more serious crypto players.

Bitstamp’s Trusted Infrastructure and Values Will Enhance Robinhood’s Crypto Offerings

Robinhood’s General Manager of Crypto, Johann Kerbrat, said Bitstamp’s long-standing reputation and safety-first approach were key reasons behind the deal.

Kerbrat emphasized that the acquisition wasn’t just about reach. It also brings trusted infrastructure, experience, and a solid brand into Robinhood’s ecosystem. Bitstamp’s services like crypto-as-a-service, lending, and staking will now be part of Robinhood’s offerings.

JB Graftieaux, CEO of Bitstamp, believes the deal will enhance user experience without losing sight of transparency or security. He said Bitstamp’s values of compliance and customer care will remain a priority within Robinhood.

A Strategic Leap Towards Global Crypto Dominance

Both companies have assured users that service quality and reliability will stay intact. Bitstamp’s team will now collaborate with the new owners, sharing knowledge and tools.

This acquisition comes as crypto adoption rises again in multiple regions and as Bitcoin rises amid FED Chair Jerome Powell‘s comments on the economic outlook. By acquiring a proven name like Bitstamp, Robinhood is not starting from scratch, it’s stepping into the arena with a tested and respected partner.

In the end, this isn’t just another crypto merger. It signals Robinhood’s serious intent to become a global crypto force, not just a U.S. trading app.

This is especially true as specially as Satoshi’s Bitcoin wealth is projected to surpass tech and finance giants. With their new partners on board, that goal now feels more real.

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Paul

Paul Adedoyin is an experienced crypto journalist who provides timely news, in-depth research, and insightful content to inform and empower his audience. He can be reached via [email protected]

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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