Global investment manager VanEck has filed for a spot Solana exchange-traded fund in the United States.
The company’s move comes after the Securities & Exchange Commission approved Bitcoin ETFs early in 2024 and positive developments for Ethereum exchange-traded funds.
The U.S. SEC authorized Ether ETFs’ 19b-4 forms in May and they will start trading after approved registration statements.
The authorization saw VanEck unveiling a new Ethereum exchange-traded fund.
Meanwhile, market experts suggest that ETH ETFs will start trading next week.
Meanwhile, VanEck’s head of research Mathew Sigel added that Solana is a commodity like Bitcoin and Ethereum.
“We believe the native token, SOL, functions similarly to other digital commodities such as Bitcoin and ETH. It is utilized to pay for transaction fees and computational services on the blockchain. Like ether on the Ethereum network, SOL can be traded on digital asset platforms or used in peer-to-peer transactions.”
He added that they filed for a SOL ETF since the Solana blockchain can handle multiple functions, including social interactions, gaming, trading, and online payments.
Solana’s speed, low fees, and heightened scalability might enhance user experience with massive utility.
VanEck’s move is part of an ongoing trend where global asset managers seek for authorization of different crypto exchange-traded funds.
US’s regulatory landscape
The United States’ regulatory framework for crypto ETFs has changed over time.
After years of negotiations, regulators started approving cryptocurrency exchange-traded funds in 2024.
However, market experts have expressed distress on the government’s approach to regulation.
Crypto exchange Coinbase has kick-started a lawsuit against United States regulators.
SOL’s current price outlook
The alt maintained robust bullishness amidst VanEck’s latest news. SOL saw a sudden 7% uptick to trade above $147 at press time.
SOL 1D Chart on CoinmarketcapIts 24-hour trading volume jumped 25% to $2.35 billion, confirming surged trader optimism on the alt.
SOL’s remarkable surge comes as the broader market reflect bearishness, underscoring the significant influence institutional players have in the crypto world.
Positive developments, including new features on the Solana ecosystem to bring crypto back to social media, have propelled SOL.
Meanwhile, enthusiasts will watch how the filing will Solana’s long-term growth.
Market trends and historical stats show an ETF can improve trading volume and attract significant liquidity.
Moreover, trust from reputable financial firms positions Solana for robust growth once stars align.
SOL seems to what what it takes to break $205 and explore the $256 mark in 2024.
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