Investment heavyweight VanEck has initiated a process to obtain authorization for a Solana (SOL) spot exchange-traded fund (ETF), as revealed in a recent submission to the U.S. Securities and Exchange Commission (SEC).

In a move that marks the first of its kind in the United States, VanEck lodged an S-1 registration statement with the SEC last Thursday, proposing the establishment of the VanEck Solana Trust. The firm anticipates that, pending SEC approval, the SOL ETF will be traded on the Cboe BZX Exchange.

Subsequent to the announcement, the value of Solana experienced a significant surge, escalating from a 24-hour nadir of $130 to a zenith of $150 at the time of reporting, reflecting an increase exceeding 15%.

Earlier in the year, the SEC sanctioned spot Bitcoin (BTC) ETFs and has signaled that spot Ethereum (ETH) ETFs are poised for imminent approval.

Bloomberg’s ETF specialist, Eric Balchunas, conjectures that the forthcoming presidential election could influence the outcome of the application. Should former President Donald Trump triumph over incumbent President Joe Biden, the proposal stands a favorable chance of acceptance. Trump’s stance is generally regarded as more conducive to the growth of digital assets compared to Biden’s.

Balchunas commented, “The immediate assumption might be skepticism regarding approval due to the absence of Solana futures. However, a shift in the presidential office could alter the landscape entirely. Envision someone akin to Hester Peirce at the helm of the SEC… This application could be seen as a strategic bet on the presidential race outcome. Their decision to proceed is understandable—why not take the chance?”

Stay Informed –
Sign Up
to receive timely email notifications straight to your inbox.
Monitor
Market Movements
Connect with us on
X
,
Facebook
, and
Telegram
Explore
The Daily Hodl Mix


Disclaimer: The views expressed by The Daily Hodl do not constitute financial advice. It is crucial for investors to conduct thorough research prior to engaging in high-risk investments in Bitcoin, cryptocurrencies, or digital assets. It is important to note that all transactions and trading activities are conducted at the investor’s own peril, and any resulting losses are solely the investor’s responsibility. The Daily Hodl neither endorses the purchase nor the sale of any cryptocurrencies or digital assets, nor does it act as an investment advisor. Additionally, The Daily Hodl is involved in affiliate marketing programs.
Generated Image: Midjourney