According to U.Today, New York-based investment firm VanEck has proposed the launch of a spot Solana ETF, named the VanEck Solana Trust. The fund aims to offer direct exposure to SOL by valuing its shares daily using prices from selected trading platforms. This move aligns with the recent SEC approval of Bitcoin ETFs and the ongoing approval of several spot Ethereum ETFs, including one from VanEck.
Anthony Pompliano, a prominent figure in the industry, highlighted the ETF filing as evidence that altcoins are gaining traction on Wall Street. He suggested that cryptocurrencies are increasing volatility and risk in public markets, reinforcing the notion that more institutions are showing interest in digital assets beyond Bitcoin and Ethereum.
However, Bloomberg ETF analyst James Seyffart expressed caution, noting potential regulatory obstacles. Seyffart mentioned that despite VanEck's filing for the Solana ETF, its launch could be delayed depending on political developments. He pointed out that a formal 19b-4 filing, crucial for setting a timeline, is not yet available, indicating that the launch might not occur until mid-March 2025 at the earliest.
Looking forward, there are several questions regarding the regulatory environment and the timeline for approval. The key aspect to monitor is how market dynamics and investor sentiment will shift as more altcoin ETF proposals are evaluated.
