New York-based investment firm VanEck has archived a proposal to launch a Solana cash exchange-traded fund (ETF).
New York-based investment firm VanEck has archived a proposal to launch a Solana spot exchange-traded fund (ETF).
VanEck Solana Trust is expected to provide direct exposure to SOL. Its shares will be valued daily using prices extracted from trading platforms selected by MarketVector.
Investors will be able to access the booming altcoin through shares held in a traditional brokerage account. This eliminates the potential risks associated with holding the token directly.
Tomiwabold OlajideThe filing comes after the US Securities and Exchange Commission (SEC) gave the green light to Bitcoin ETFs in January.
The regulator is also on track to complete approval of several Ethereum spot ETFs, including VanEck’s. Earlier this month, VanEck CEO Jan van Eck said this marked a historic change.
Gamza KhanzadaevFollowing the SEC’s change of stance on Ethereum, several analysts suggested that ETF issuers could push for more altcoin-based products. Last month, a bipartisan group of lawmakers sent a letter to the SEC to push for ETF approval for several digital assets.
As Guru-Investingreported, Ripple CEO Brad Garlinghouse predicted that the approval of multiple altcoin ETFs was “inevitable.” SkyBridge Capital founder Anthony Scaramucci has also confidently stated that the SEC would end up giving the green light to a Solana-based ETF. CNBC contributor Brian Kelly appears to be on the same page, predicting that the top “Ethereum killer” could be the next candidate to get its own ETF.
