beincrypto.com
Investment management firm VanEck has made a significant move in the cryptocurrency market by filing for the first Solana ETF in the United States.
This announcement comes amid increasing interest and speculation on Solana becoming the next ETF following Bitcoin and Ethereum ETF approvals. VanEck’s filing aims to create a trust that would provide institutional investors with exposure to Solana (SOL), making it easier for them to invest in this leading Ethereum competitor.
VanEck Solana Trust
The firm’s analysts Mathew Sigel, took to X to share more information on why they filed for the ETF.
“SOL’s decentralized nature, high utility, and economic feasibility align with the characteristics of other established digital commodities, reinforcing our belief that SOL may be a valuable commodity with use cases for investors, builders, and entrepreneurs looking for alternatives to the duopoly app stores,” shared Sigel in his tweet.
This move by VanEck is part of a broader trend where asset managers are seeking regulatory approval for various cryptocurrency exchange-traded funds (ETFs). If approved, the Solana Trust would join the ranks of other crypto ETFs.
Industry leaders are also anxiously waiting on the expected approval of ether ETFs as soon as next week, according to the Securities and Exchange Commission.