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Global investment manager VanEck has filed for a spot Solana exchange-traded fund in the United States.
BREAKING BIG: @vaneck_us files for Solana spot ETF pic.twitter.com/gJFrA6zei0
— SolanaFloor (@SolanaFloor) June 27, 2024
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.
BIG BREAKING 🚨
— BITCOINLFG® (@bitcoinlfgo) June 26, 2024
The SEC could approve Ethereum ( $ETH ) ETF as soon as July 4, per Reuters. pic.twitter.com/YyOVaXluqS
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.”
VanEck’s move is part of an ongoing trend where global asset managers seek for authorization of different crypto exchange-traded funds.
$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.
Its 24-hour trading volume jumped 25% to $2.35 billion, confirming surged trader optimism on the alt.
Positive developments, including new features on the Solana ecosystem to bring crypto back to social media, have propelled $SOL.
This is a developing story. More details to follow
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