In a surprising development, the 19b-4 filings submitted by VanEck and 21Shares for spot Solana (SOL) ETFs have mysteriously disappeared from the Chicago Board Options Exchange (CBOE) website.
Solana ETF in Jeopardy?
According to sources familiar with the situation, the U.S. Securities and Exchange Commission (SEC) has reportedly rejected the filings from CBOE BZX, leading to their removal from the site.
Despite this, VanEck's head of digital assets research, Matthew Sigel, remains optimistic. In a recent update on X (formerly Twitter), Sigel assured that their ETF application is still under consideration, stating, "ours remains in play."
Executives Remain Hopeful
Sigel sought to dispel concerns, clarifying that the disappearance of the filings does not mark the end of their Solana ETF proposal. He explained,
“Remember that Exchanges like Nasdaq & CBOE file rule changes (19b-4) to list new ETFs. Issuers like VanEck are responsible for the prospectus (S-1). Ours remains in play.”
Understanding the Situation
On July 9th, CBOE submitted a 19b-4 filing to the SEC, seeking approval to list the proposed Solana ETFs from VanEck and 21Shares. However, by August 9th, the filing was no longer visible on CBOE’s website, sparking speculation about the status of the ETF proposals. The SEC's rejection of the 19b-4 forms means that the Solana ETF applications have not progressed for approval, although these forms can be revised and resubmitted with stronger arguments.
Not everyone was surprised or disappointed by the news. One X user, Sssebi, commented,
“At this point all the experienced people know what a scam Solana is this is why there won't be a Sol ETF.
I'm trying to warn the new people in the space.”
Market Reaction
Despite the uncertainty surrounding the ETF, SOL's price remained relatively stable, with a modest increase of 1.3% in the past 24 hours, trading at $145.37 according to CoinMarketCap. However, technical indicators such as the closing Bollinger Bands and the Relative Strength Index (RSI) suggest that bearish sentiment may persist. If SOL can break through the resistance level of $157.34, bullish momentum might start to gain the upper hand.
