Solana (LEFT) and other altcoins ETF approvals have been awaited for a long time. However, so far there have been no spot ETF approvals for altcoins other than ETH. Although there may be delayed deadlines due to the closure, this is not possible before November. In other news, a new SOL ETF will begin trading. We will see a different product than normal ETFs.
SOL Coin ETF Approval
Spot ETF approvals come under the 1940 law and require approval from the SEC. However, some companies have recently been listing under the 1934 law to capitalize on the excitement created by altcoin ETFs awaiting approval. We first saw the SSK ETF for SOL Coin and then XRP Coin Approval has been received for. Now, according to Kyle Samani, co-founder of Multicoin Capital, Bitwise Solana Staking ETF is going into operation.
SEC approval is not required for an ETF to be traded on NYSE Arca. Once the process is completed, if the SEC does not object to listing, the ETF begins trading. Unlike the Spot ETF, each share does not represent a specific number of SOL Coins and is traded at a premium, the same as Grayscale’s trust.
