The first application for a Solana ETF has been filed in the US. If approved, the product will be traded on the Cboe BZX platform. VanEck’s Head of Digital Asset Research, Matthew Sigel, explained that the decision to launch a Solana ETF was based on scalability, high speed, and low fees, which offer a better user experience. He further emphasized that the native token, SOL, functions similarly to other digital commodities such as Bitcoin and Ethereum, and has high utility potential for investors, developers, and business people looking to diversify their portfolios.
According to preliminary estimates, investors may have access to the Solana ETF in July. VanEck is confident that SOL does not violate U.S. securities laws, and therefore predicts that the SEC has no reason to refuse the launch of the spot Solana ETF. This confidence is anticipated to increase the price of Solana by 1.4 to 3.4 times. Bloomberg analyst Eric Balchunas expressed skepticism, stating that the chances of launching spot Solana ETFs may fall since the list of investment instruments on SOL is inferior to Ethereum.
It is predicted that Solana exchange-traded funds may only be approved in 2025 due to potential industry liberalization under a change in the American presidency. Venture capitalist Anthony Pompliano sees VanEck’s filing as further evidence that altcoins are coming to Wall Street. The crypto market is also awaiting a decision on spot Ethereum ETFs, with negotiations between asset managers and regulators entering their final stages. However, the path for a Solana-based spot ETF is more complicated due to the absence of futures ETF for Solana in the U.S., unlike Bitcoin and Ethereum.
This approach by the SEC is attributed to concerns about possible fraud and market manipulation, making the approval process for a Solana-based spot ETF more challenging.