New York-based investment firm VanEck has filed a proposal to launch a spot Solana exchange-traded fund (ETF).
The VanEck Solana Trust is expected to provide direct exposure to SOL. Its shares will be valued on a daily basis using prices drawn from trading platforms selected by MarketVector. Investors will be able to get access to the red-hot altcoin through shares that are held in a traditional brokerage account. This eliminates potential risks that are associated with holding the token directly.
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The filing comes after the U.S. Securities and Exchange Commission (SEC) greenlit Bitcoin ETFs in January. The regulator is also on track to complete the approval of several spot Ethereum ETFs, including the one from VanEck. Earlier this month, VanEck CEO Jan van Eck opined that this marked a historic shift.
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Following the SEC’s U-turn 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 in order to push for the approval of ETFs for various digital assets.
Nate Geraci, president of The ETF Store, has described VanEck's trailblazing attempt to launch a Solana-based ETF as "smart," adding that there is no reason not to get the process underway. Bloomberg's ETF expert James Seyffart predicts that the approval of such a product might only be possible in 2025. Nevertheless, it will be "interesting" to see if VanEck's competitors follow suit with similar filings, the analyst claims. As reported by U.Today, Ripple CEO Brad Garlinghouse predicted that the approval of multiple altcoin ETFs was "inevitable." SkyBridge Capital founder Anthony Scaramucci has also confidently stated that a Solana-based ETF would be eventually greenlit by the SEC. CNBC's contributor Brian Kelly appears to be on the same page, forecasting that the leading "Ethereum killer" could be the next candidate to get its own ETF.The Solana price is up 8% over the past 24 hours.