Cboe BZX files forms for Solana ETFs by 21 Shares and VanEck as process to obtain regulatory approval trudges on

Exchange Cboe BZX filed forms for proposed Solana exchange-traded funds from VanEck and 21Shares as both firms look to launch first-of-its-kind products.

Cboe BZX filed Form 19b-4s on Monday for the 21Shares Core Solana ETF and for the VanEck Solana Trust. The form is an application filed with the U.S. Securities and Exchange Commission to let the agency know of a proposed rule change. The form is a part of the process for getting the agency's approval for a crypto ETF.

The exchange compared the products to spot Ethereum ETFs and Bitcoin ETFs, which the agency approved over the past year.

"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 exchange said in both filings.

VanEck filed a registration statement for its Solana ETF in late June, and 21Shares filed for its own Solana ETF soon after. Few say those products will be successful at first go, in part because the SEC has said SOL is a security.

The next steps include the SEC acknowledging the 19b-4 filings, said Nate Geraci, president of The ETF Store, in a post on X.

"Once SEC acknowledges these filings, the decision clock starts ticking," Geraci said.