Investment administration agency VanEck on Thursday stated it has filed an utility for Solana Trust with the U.S. Securities and Exchange Commission. VanEck has began the method for a Solana exchange-traded fund (ETF), changing into the primary to file for Solana within the United States.
VanEck Submits Application For First Solana ETF
In a Form S-1 submitting with the U.S. Securities and Exchange Commission on June 27, VanEck submitted an utility for registering Solana Trust for an exchange-traded fund monitoring the spot value of Solana. If authorized, the Solana ETF will probably be listed on Cboe BZX Exchange.
Matthew Sigel, head of digital asset analysis for VanEck, additionally expressed pleasure in regards to the first Solana exchange-traded fund (ETF) within the US. “We believe the native token, SOL, functions similarly to other digital commodities such as Bitcoin and Ethereum. It is utilized to pay for transaction fees and computational services on the blockchain. Like ether on the Ethereum network, SOL can be traded on digital asset platforms or used in peer-to-peer transactions”
The submitting will get combined reactions from the group as some argued that Solana is just not utterly decentralized citing that Solana Foundation and associated entities nonetheless owns most of SOL provide. Whereas, Ethereum Foundation holds about restricted provide of ETH.
Many ETF specialists similar to Nate Geraci, president of ETF Store, calls the transfer by VanEck “smart.” Bloomberg ETF analyst James Seyffart stated It will probably be fascinating to see if different issuers additionally comply with VanEck and filed for Solana ETF instantly. He added {that a} Solana ETF might solely launch if we’ve a crypto-friendly administration within the White House.
First SOL ETF submitting within the U.S. Will be fascinating to see if different issuers instantly comply with go well with. Early ideas are that this solely has a shot to launch someday in 2025 if we’ve a brand new admin within the White House and SEC. Even then not assured. https://t.co/I1yoWNpdd4
— James Seyffart (@JSeyff) June 27, 2024
Traders responded instantly as SOL value skyrockets over 9% inside minutes of the announcement by VanEck. At press time, SOL price is buying and selling at $148. The 24-hour high and low are $134.93 and $148.40, respectively. Furthermore, the buying and selling quantity has elevated barely in the previous few hours, indicating an increase in curiosity amongst merchants.
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