VanEck Files For Solana ETF In US, Analyst Expects Approval In 2025

Asset manager VanEck has filed to launch a Solana (SOL) exchange-traded fund (ETF), marking the first such registration in the United States. This move comes just six days after 3iQ filed for a similar product in Canada.

The VanEck Solana Trust is set to list on the Cboe BZX Exchange, Inc. and will hold SOL, valuing its shares daily based on the MarketVector Solana Benchmark Rate, according to the firm’s S-1 registration statement.

The filing submitted to the Securities and Exchange Commission (SEC) contributed to an 8% gain in the SOL token over the past 24 hours.

Bloomberg Intelligence ETF analyst James Seyffart cast doubts about the timing, suggesting that a Solana ETF might only have a chance to launch in 2025 if there is a new administration in the White House and SEC, but even then, it is not guaranteed.

VanEck has a history of pioneering in the digital asset space. The asset manager was the first to file for a spot ether (ETH) ETF in 2021, years before the SEC began engaging with issuers like BlackRock, Fidelity, and Ark Invest. An additional filing was made in September 2023.

“We believe the native token, SOL, functions similarly to other digital commodities such as bitcoin and ETH,” wrote Matthew Sigel, VanEck’s head of digital assets research, in a post on X. He argued that SOL is a commodity, not a security, and is used to pay for transaction fees and computational services on the blockchain. Sigel further explained Solana’s unique combination of scalability, speed, and low costs as factors that make it a competitor to Ethereum.

The SEC approved the first spot bitcoin ETF in January, with an ether ETF expected to follow soon. Analysts predict that ETH ETFs could attract $5 billion in net inflows within the first five months. Experts suggest that if an ETH ETF is approved, SOL could be the next cryptocurrency packaged into such a fund, due to its similarities to Ethereum. However, serious discussions around a Solana ETF might not start until 2025.

Sigel maintains that SOL’s decentralized nature, high utility, and economic feasibility align with the characteristics of established digital commodities, making it a valuable asset for investors, builders, and entrepreneurs seeking alternatives to dominant app stores.

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