Solana ETF filings run into trouble: “That’s why there won’t be a SOL ETF”

• VanEck and 21Shares’ Solana ETF filings have been removed from the CBOE website.
• Despite login issues, the SOL price seemed stable, but the bearish momentum continued.

In an unexpected turn of events, VanEck and 21Shares’ 19b-4 applications for spot Solana [SOL] ETFs have mysteriously disappeared from the Chicago Board Options Exchange (CBOE) website.

No room for Solana ETF?

According to sources familiar with the matter, the U.S. Securities and Exchange Commission (SEC) had rejected CBOE BZX's filings for these Solana ETFs, leading to their removal from the website.

Despite the removal of the documents from the CBOE website, Matthew Sigel, head of digital asset research at VanEck, gave reassuring signals.

Managers remain optimistic

In a recent update on X (formerly Twitter), Sigel confirmed that their ETF application was still under review and stated: “Ours is still in play.”

This statement is intended to allay concerns and clarify that the withdrawal of filings does not mean the end of their Solana ETF proposal.

“Remember that exchanges like Nasdaq and CBOE file rule changes (19b-4) to list new ETFs. Issuers like VanEck are responsible for the prospectus (S-1). Our prospectus remains in play.”

What's up?

For those who don't know, on July 9, the CBOE filed a 19b-4 application form with the SEC, requesting approval to list the Solana ETFs proposed by VanEck and 21Shares.

This filing is separate from the S-1 forms normally filed by issuers.

However, as of August 9, the filing is no longer visible on the CBOE website, leading to speculation about the current status and a possible withdrawal of the ETF proposals.

In particular, the SEC's rejection of Forms 19b-4 means that the Solana ETF applications were not forwarded for approval.

However, these forms can be revised and resubmitted with stronger arguments.

However, this news did not seem to upset many, as noted by one X user – Sssebi – who said:

“By now, all experienced people know what a scam Solana is. That's why there will be no Sol ETF.”

Has the price of SOL been affected?

SOL's price action also remained relatively stable despite the news. According to CoinMarketCap, it recorded a modest 1.3% gain in the last 24 hours, trading at $145.37.

However, the closing prices of the Bollinger Bands and the Relative Strength Index (RSI) below the neutral level indicate a continued pessimistic sentiment that may persist for a longer period.

However, if SOL manages to overcome the resistance level of $157.34, the bullish momentum could start to overtake the bears.

Source: TradingView