Matthew Sigel, the leader of digital assets research at the well-known investment firm VanEck, has confirmed that their recent filing for a Solana (SOL) exchange-traded fund (ETF) is a bold wager on Donald Trump reclaiming the presidency.

VanEck made headlines by being the first company in the United States to submit an S-1 registration statement to the Securities and Exchange Commission (SEC) for a SOL ETF last week.

When asked about the filing, Bloomberg ETF analyst Eric Balchunas likened it to a call option on the upcoming presidential election. He added, “The knee-jerk reaction may be skepticism due to the lack of Solana futures, but in the event of a change in the POTUS, I believe anything could become possible. Just picture Hester Peirce (or a similar figure) leading the SEC.”

Sigel corroborated Balchunas’ thoughts on social media platform X on Monday. Trump’s recent declarations that he would be the “crypto president” have garnered support from various digital asset stakeholders who perceive the current administration as being unfriendly towards the sector.

Although Trump has not always been a proponent of cryptocurrency, his stance has evolved over time. In 2018, while in office, he reportedly instructed then-Treasury Secretary Steven Mnuchin to combat Bitcoin for alleged fraud. However, in a later interview, he disclosed that he did not own any cryptocurrencies and expressed concerns that digital assets could lead to unforeseen disasters.

If approved, VanEck’s ETF, to be named the VanEck Solana Trust, will be listed on the Cboe BZX Exchange. Notably, fintech firm 21Shares also filed for a SOL ETF in the same week.

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