Matthew Sigel, VanEck’s head of digital assets research, said 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.
Over the weekend, the crypto community noticed that the 19b-4 filings for VanEck and 21Shares—documents filed by exchanges on behalf of issuers—had disappeared from the Cboe site. Reports later suggested the removal stemmed from concerns that the US Securities and Exchange Commission (SEC) might classify the SOL token as a security.
Filing 19b-4 forms is a crucial step in the ETF approval process, as these forms outline the necessary information for listing an ETF product. So, their removal casts doubt on the chances of a Solana ETF moving forward.
However, Sigel, while acknowledging the removal of the 19b-4 forms, emphasized that the S-1 registration statements are still under consideration. He explained:
“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
Regarding SOL’s security classification, Sigel reiterated VanEck’s firm belief that Solana should be considered a commodity, similar to Bitcoin and Ethereum, both of which have approved spot ETFs.
He noted that evolving legal perspectives support this belief. According to him, courts and regulators are beginning to recognize that some digital assets may function as securities in primary markets but act more like commodities in secondary markets.
Sigel also highlighted Solana’s progress in decentralization. He noted that the top 100 holders now control about 27% of the supply, a significant decrease from a year ago. Additionally, the top 10 addresses now hold less than 9%.
He added:
“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 concluded that this decentralized structure, combined with SOL’s utility and economic role, positions it alongside digital commodities like BTC and ETH.
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