Matthew Sigel, VanEck’s head of digital assets research, confirms that the firm’s Solana spot exchange-traded fund (ETF) application is still active despite the removal of the 19b-4 form from the Chicago Board Options Exchange (Cboe) website.
Reports emerged over the weekend revealing the disappearance of the 19b-4 filings for VanEck and 21Shares on the Cboe site. Speculations indicated that this removal was due to concerns that the US Securities and Exchange Commission (SEC) might classify the SOL token as a security.
Filing 19b-4 forms is a critical step in the ETF approval process, providing essential information for listing an ETF product. The removal of these forms raises uncertainties about the progress of a Solana ETF.
However, Sigel emphasizes that the S-1 registration statements are still under review, reassuring stakeholders that the application is active. He clarified:
“Exchanges like Nasdaq & CBOE file rule changes (19b-4) to list new ETFs. Issuers like VanEck are responsible for the prospectus (S-1). Ours remains in play.”
SOL’s security status
Sigel reiterates VanEck’s stance that Solana should be classified as a commodity, similar to Bitcoin and Ethereum, both of which have approved spot ETFs.
He points out the evolving legal perspectives supporting this view, noting the recognition by courts and regulators that some digital assets may behave as securities in primary markets but exhibit commodity-like characteristics in secondary markets.
Sigel also highlights Solana’s progress in decentralization, citing a decrease in control by the top 100 holders and the upcoming Firedancer client to enhance decentralization. He mentioned:
“With over 1,500 validators across 41 countries, operating in more than 300 distinct data centers, Solana boasts a Nakamoto Coefficient of 18—surpassing most networks we monitor. The upcoming Firedancer client will further bolster decentralization, ensuring no single entity can dominate the blockchain.”
Sigel concludes that Solana’s decentralized structure, utility, and economic role position it similarly to digital commodities like BTC and ETH.
