New York-based investment firm VanEck has submit Solana ETF spot exchange-traded fund application.
The VanEck Solana Trust is said to provide direct exposure to SOL with shares that will be priced daily using prices drawn from trading platforms selected by MarketVector.
Investors will have access to hot altcoins through stocks held in traditional brokerage accounts. This eliminates the potential risks associated with holding tokens directly.
Following the news, SOL price spiked more than 10% on the day and is trading at $147.98.
Source: TradingView
The filing comes after the U.S. Securities and Exchange Commission (SEC) gave the Bitcoin ETF the green light in January. The regulator is also on track to complete approval of several spot Ethereum ETFs , including VanEck’s suggestion. Earlier this month, VanEck CEO Jan van Eck said this marked a historic change.
After the SEC changed its stance on Ethereum, some analysts suggested that ETF issuers could push for more altcoin-based products.
Nate Geraci, president of The ETF Store, was describe VanEck’s pioneering effort to launch a Solana-based ETF is “smart,” it said, adding that there is no reason not to proceed with the process.
Bloomberg ETF expert James Seyffart predicts that approval of such a product is only possible in 2025. However, it will be “interesting” to see whether VanEck’s competitors do follow or not.
Previously, Ripple CEO Brad Garlinghouse predicted that approval of more altcoin ETFs was “inevitable.”
Itadori
According to Cryptoslate
