Cboe BZX Exchange Resubmits 19b-4 Filings on Behalf of Firms Looking to Launch Spot Solana ETFs

Cboe BZX Exchange Inc., a major U.S. stock exchange operator, has submitted new filings on behalf of firms looking to launch spot Solana exchange-traded funds (ETFs).

Major U.S. stock exchange operator Cboe BZX Exchange Inc. has submitted new filings on behalf of firms looking to launch spot Solana exchange-traded funds (ETFs).

The filings, submitted late Monday, include 19b-4 submissions for the Canary Solana Trust, Bitwise Solana ETF, 21Shares Core Solana ETF, and VanEck Solana Trust.

A 19b-4 filing is a key document required for regulatory approval. Once accepted by the U.S. Securities and Exchange Commission (SEC) and published in the Federal Register, it sets the timeline for the agency’s decision.

Additionally, an S-1 filing must be submitted before these ETFs can officially trade on exchanges.

All 4 19b-4 applications refiled on @CBOEfor #Solana Spot in kind ETFs

@vaneck_us

@CanaryFunds

@BitwiseInvest

@21Shares

These are in-kind creation and redemption ETFs unlike Bitcoin and Ethereum Spot ETFs.

LINK->https://t.co/GFIrfogdwV pic.twitter.com/99ZInHnWeo

Solana (SOL) price technical analysis aims to identify upcoming levels for bulls to reclaim. Currently, SOL price is trading at a loss of 5.43% over the past 24 hours, and is priced at $230 at the time of writing, according to CoinMarketCap data.

The token faces strong resistance at levels between $250 and $260, following its recent all-time high of $294.33 just 10 days ago.

Technical indicators present mixed market sentiment for Solana, with the Relative Strength Index (RSI) at 40.44, indicating a neutral market. Stochastics are also presenting a neutral market, while Moving Averages (MA) are presenting a bullish market, with the 50 MA ($223.05) and 200 MA ($196.11) both below SOL’s current price.

Solana price technical analysis: SOL price faces strong resistance at levels between $250 and $260, following its recent all-time high of $294.33 just 10 days ago. Technical indicators present mixed market sentiment for Solana, with the Relative Strength Index (RSI) at 40.44, indicating a neutral market. Stochastics are also presenting a neutral market, while Moving Averages (MA) are presenting a bullish market, with the 50 MA ($223.05) and 200 MA ($196.11) both below SOL’s current price.

The article presents an overview of recent filings submitted by Cboe BZX Exchange Inc. on behalf of firms seeking to launch spot Solana exchange-traded funds (ETFs). The filings, designated as 19b-4 submissions, are a crucial step in obtaining regulatory approval for these ETFs.

Once accepted by the U.S. Securities and Exchange Commission (SEC) and published in the Federal Register, a 19b-4 filing initiates a 45-day countdown for the agency to either approve or disapprove the application. If no decision is made within this timeframe, the application is automatically approved for an additional 90 days, during which the SEC can still choose to approve, disapprove, or institute proceedings to determine the application's fate.

The filings submitted on Monday, March 13, are part of a broader effort to launch spot crypto ETFs in the U.S., a development that has faced significant regulatory hurdles despite the growing demand for such products.

While several Bitcoin and Ethereum spot ETFs have already been approved and are currently trading on exchanges, the SEC has yet to greenlight any spot ETFs for other cryptocurrencies, including Solana (SOL).

The applications filed by Cboe on behalf of Canary, Bitwise, 21Shares, and VanEck specifically pertain to the launch of in-kind creation and redemption Solana ETFs. This differs from the structure of Bitcoin and Ethereum spot ETFs, which are designed to facilitate cash-settled creations and redemptions.

The distinction between in-kind and cash-settled creations and redemptions lies in the method used to fulfill authorized participant (AP) creation and redemption orders for ETF shares.

With in-kind creations, A