VanEck & 21Shares Submits Form19b-4 for Spot Solana ETF, SOL Jumps 8%

Asset managers VanEck and 21Shares have taken another step in pursuing a spot Solana exchange-traded fund (ETF). Through the Chicago Board Options Exchange (CBOE) BZX exchange, both firms recently submitted Form 19b-4 to the United States Securities and Exchange Commission (SEC). SOL, the native coin for the underlying Solana network, saw a mild 8% price increase to $142 following news of the filings.

Solana ETFs to Enter U.S. Markets

VanEck’s quest for a Solana-focused ETF product dates back to June 27th, when the firm submitted its Form S-1, an initial registration form, for the investment vehicle with the SEC. Calling it the VanEck Solana Trust, the asset management company touts itself as the first applicant for the spot Solana ETF in the U.S. The financial product will allow local investors to gain exposure to SOL within the traditional finance (TradFi) ecosystem.

Two days after VanEck’s filing, Ark Invest’s 21Shares filed for the same product through CBOE. Yesterday, the financial firm also submitted Form 19b-4 to the SEC.

Highlighting why the SEC should consider approving the SOL-centric ETF product, CBOE wrote in its filing on both applications:

“Much like bitcoin and ETH, the Exchange believes that SOL is resistant to price manipulation and that “other means to prevent fraudulent and manipulative acts and practices” exist to justify dispensing with the requisite surveillance sharing agreement.”

The SEC has 240 days to decide whether to approve or refuse the applications for the spot Solana ETF.

U.S. Presidential Election Result to Influence Decision

Renowned Bloomberg analyst Eric Balchunas pinpointed mid-March 2025 as the deadline for the American agency to give a final say. He added, however, that the upcoming U.S. presidential election in November 2024 will strongly determine whether the stated date will work. According to him, Joe Biden’s winning might imply that the financial product will no longer be considered for approval.

On the other hand, if Donald Trump wins the election, the spot Solana ETF’s approval may be guaranteed, given that Trump has shown general interest in Bitcoin and the crypto industry.