Bitcoin ETF issuer VanEck has applied for the Solana ETF in the US. Matthew Sigel, VanEck’s head of digital assets research, expressed his excitement at being the first company to apply for the Solana ETF. Meanwhile, the altcoin price rose more than 7 percent on the news.
VanEck officially applied for Solana ETF!
New York-based investment firm VanEck announced that it has filed an application with the SEC to launch a spot Solana exchange-traded fund (ETF). The VanEck Solana Trust is expected to provide direct exposure to SOL. Its share will be valued daily using prices from a trading platform selected by MarketVector. Investors will be able to access the red-hot altcoin through shares held in a traditional brokerage account. This eliminates the potential risks associated with holding the token directly. Matthew Sigel, Head of Digital Assets Research at VanEck, pointed out that Solana is a product that provides a better user experience than Ethereum:
I am excited to announce that VanEck has filed for the first Solana exchange-traded fund (ETF) in the U.S. Here are some thoughts on why we believe SOL is a commodity (…)
ETF doors open after leading altcoin Ethereum!
The filing comes after the US Securities and Exchange Commission (SEC) gave the green light to Bitcoin ETFs in January. As you have been following on Kriptokoin.com, the SEC is on track to finalize the approval of several spot Ethereum ETFs. Following the SEC’s U-turn on Ethereum, several analysts have suggested that ETF issuers may push for more altcoin ETFs. Ripple CEO Brad Garlinghouse recently predicted that the approval of multiple altcoin ETFs, including a Solana-based ETF, is inevitable. Meanwhile, the altcoin price made a vertical ascent following VanEck’s ETF move. SOL saw an increase of over 7% on its daily chart.
GSR talks about Solana ETFs and big SOL gains!
Market maker GSR sees a bigger rally for SOL than Bitcoin saw when it got its US ETFs. Under the Biden administration, Solana (SOL) does not seem close to getting its own ETF in the US. However, according to market maker firm GSR, if Donald Trump takes back the White House, it could be closer than many observers think. Also, in terms of price, Bitcoin’s (BTC) spot ETF could witness much more upside than it did when it debuted.
According to a research note from GSR, the US presidential election could provide a breakthrough for additional crypto ETFs like SOL. If Trump becomes president again, it could shake up the established playbook for launching crypto ETFs, which usually takes years and starts with the launch of federally regulated futures contracts. This is something Solana doesn’t have. It “may even be possible” that his theoretical administration could implement permissive digital asset regulations that allow for the launch of “countless spot digital asset ETFs,” the memo said. If this happens, Solana, one of the largest crypto assets behind BTC and Ethereum (ETH), could be the first to benefit.
Follow us on Twitter, Facebook and Instagram, and join our Telegram and YouTube channelto stay up to date with breaking news !
