Solana ETF Approval Stands Strong: VanEck Executive's Optimism

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VanEck's Head of Digital Assets Research, Matthew Sigel, has expressed strong confidence in the imminent approval of a Spot Solana ETF by the U.S. Securities and Exchange Commission (SEC), despite the absence of a regulated futures market.

Confidence in Solana ETF Approval

In a recent interview, Matthew Sigel discussed VanEck’s approach to launching a Solana Exchange-Traded Fund (ETF). He emphasized that Solana’s decentralization and utility characteristics make it a strong candidate for ETF approval. Sigel noted, “When we examined the language around decentralization and characteristics of the blockchain… the ETH and SOL assets at this point are fundamentally the same.”

Overcoming Regulatory Hurdles

Sigel highlighted that while conventional wisdom often ties ETF viability to the existence of a robust futures market, examples from other sectors, such as uranium, show that this is not always necessary. He stated, “We think this can get done but probably might need a different SEC chair.”

VanEck’s experience with Solana ETFs in Europe over nearly three years positions them advantageously. This operational history demonstrates their ability to navigate regulatory challenges and market dynamics for innovative financial products.

Competition and Market Dynamics

VanEck is not alone in the race for a Solana ETF. The Canadian market has seen 3iQ file for a Solana Fund, and VanEck faces competition from 21Shares, which has also filed for a SOL ETF. Bloomberg’s ETF analyst, Eric Balchunas, has projected a mid-March 2025 deadline for these ETFs.

Reflections on Bitcoin and Ethereum ETFs

Sigel also reflected on the success of Spot Bitcoin ETFs, noting, “To have $16 billion in these products after six months… alert$SOL class is here participation in the future

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