Concluding in July, about seven renowned U.S.-based asset managers intending to list exchange-traded funds (ETFs) tied to the value of Solana (SOL) submitted updated versions of their initial filings to the U.S. Securities and Exchange Commission (SEC). These include Bitwise, Grayscale, VanEck, Franklin Templeton, Fidelity, Canary Capital, and CoinShares.
While the crypto market rallied last week, SOL sits as the world’s sixth-largest cryptocurrency, as Binance coin, BNB, surpassed it by market capitalization after reaching a new all-time high.
Amendments to SOL ETF Filings
A notable part of the amendment is that the intending issuers want the funds to allow in-kind creations and redemptions for the yet-to-be-approved SOL ETFs. Notably, this follows a recent update from the U.S. financial agency to allow investors to exchange their ETF shares directly for crypto assets instead of using cash and vice versa.
Moreover, the recent adjustment to their filings is evidence of the SEC’s involvement with the applications after some issuers had waited for over eight months. Meanwhile, as earlier reported by CryptocurrenciesToWatch, the chances of Spot SOL ETF approval have risen to 90% as the crypto market yearns for altcoin investment funds this summer.
Simplified ETF Approval Incoming
Based on recent reports, the Chicago Board Options Exchange (Cboe) and New York Stock Exchange (NYSE) have filed with the SEC to ease the approval process for Commodity-Based Trust Shares. If approved, this will allow the U.S. financial market to welcome more crypto-backed ETFs.
A part of the filing shows that the exchanges are requesting a rule change or amendment to Rule 14.11(e)(4)(A), to allow the listing of cryptocurrencies that meet specific outlined requirements and criteria. The Cboe also wants to list some ETFs that do not meet the criteria specifically. However, these will be closely monitored and considered for delisting if they do not meet the requirements over time.
Notably, this could be an excellent deal for the crypto ecosystem as it would lead to many token-based ETF approvals within a short period of 75 days. It’ll further create room for intending investors to gain indirect, safe access to many cryptocurrencies via local asset managers.
Meanwhile, asset manager Rex Shares and crypto platform Osprey Funds partnered to list the REX-Osprey SOL + Staking ETF, the first-ever Solana (SOL) staking ETF. It has recorded success within its first trading month, recording $137.4 million in inflows.
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