Cboe Officially File Solana ETF With SEC, Boosting SOL Price

SOL Price Soars Amid Solana ETF Filing And Anticipation Of US Election

The cryptocurrency market has gained a boost as Solana (SOL) price increased by 7.4%. This rapid rebound is associated with the latest application by Cboe Global Markets to the U.S. Securities and Exchange Commission (SEC) for spot Solana Exchange-Traded Funds (ETFs). As such, the crypto community is expecting a possible major bullish breakout for Solana similar to its performance in 2021 if these ETFs are launched by mid-March 2025.

What’s the News

21Shares and VanEck have been the first to launch the Solana ETF products that are now seeking market approval after Cboe has officially filed the 19b-4. This comes in the same line with the spot Ethereum ETFs where both 21Shares and VanEck applied in June. To introduce these products to the market, the SEC has to review the 19b-4 and S-1 registration forms.

According to Rob Marrocco, the global head of ETP Listings at Cboe, Solana is one of the most traded cryptocurrencies after Bitcoin and Ethereum, and the interest in it continues to grow. This is because the market anticipates a decision on the spot of Ethereum ETFs within the next two weeks that will create the way for the Solana ETFs.

Impact of US Election of 2024 on Solana ETF Approval

The approval and launch of the spot Solana ETFs could be affected by the result of the 2024 United States presidential election. If a friendly cryptocurrency candidate is elected, for instance, Donald Trump, the changes in the SEC commissioner might bring more beneficial conditions for cryptocurrencies. This change could potentially bring forward the approval of the Solana altcoin ETFs amongst others.

On the other hand, if Joe Biden secures another term, the current rather conservative approach to cryptocurrencies, which can be observed in the actions of the SEC chief Gary Gensler, will likely remain in force. This could lead to more time for the altcoin ETFs to be disapproved because of issues of the manipulation of the market, lack of liquidity, and centralization.

Conclusion

The filing by Cboe for spot Solana ETFs is a new addition to the cryptocurrency market, which caused a significant increase in Solana’s price. The expected listing of these ETFs by mid-March 2025 has been anticipated with the result of the 2024 U.S. presidential election expected to be determinative of the approval process. There is a belief that with a new administration in power, cryptocurrencies could be supported and this would remove barriers to entry for Solana to have a massive bullish run like in 2021. With the market’s attention on the crossroads, the continuation of Solana ETFs depends on political changes and the decisions of the relevant authorities.

Also Read: Donald Trump Plays A Crypto Card Amid US Election