VanEck Files ETF Request for That Altcoin: Price Rise!

Bitcoin ETF Issuer VanEck applied for the Solana ETF in the United States. Matthew Sigel, head of digital assets research at VanEck, expressed his excitement at being the first company to apply for the Solana ETF. Meanwhile, the price of the altcoin increased by more than 7% following the news.

VanEck has officially applied for Solana ETF!

New York-based investment firm VanEck announced that it has filed with the SEC to launch a Solana exchange-traded fund (ETF). The VanEck Solana Trust is expected to provide direct exposure to SOL. Your share will be valued daily using the prices of a trading platform selected by MarketVector. Investors will be able to access the red-hot altcoin through shares held in a traditional brokerage account. This eliminates the potential risks associated with holding the token directly. Matthew Sigel, head of digital asset research at VanEck, highlighted that Solana is a product that offers a better user experience than Ethereum:

I am thrilled to announce that VanEck has filed for the first Solana exchange-traded fund (ETF) in the United States Here are some thoughts on why we believe SOL is a commodity (…)

ETF Doors Open After Altcoin Ethereum Leads!

The filing comes after the U.S. Securities and Exchange Commission (SEC) greenlit Bitcoin ETFs in January. As you’ve been following Cryptokoin.com, the SEC is on track to finalize the approval of several Ethereum spot ETFs. Following the SEC’s U-turn on Ethereum, several analysts have suggested that ETF issuers may push for more altcoin ETFs. Ripple CEO Brad Garlinghouse recently predicted that the approval of more altcoin ETFs, including a Solana-based ETF, will be inevitable. Meanwhile, the altcoin price saw a vertical rise following the VanEck ETF move. SOL saw an increase of more than 7% on its daily chart.

SOL Daily Price Chart. Source: CoinMarketCap

GSR Talks Solana ETFs and Big SOL Gains!

Market maker GSR expects a bigger rally for SOL than Bitcoin seen when he got his US ETFs. Under the Biden administration, Solana (SOL) does not appear close to getting its own ETF in the United States. However, according to market making firm GSR, if Donald Trump takes back the White House, he may be closer than many observers think. Additionally, in terms of price, the Bitcoin (BTC) spot ETF could see much more upside than when it debuted.

According to a research note from GSR, the US presidential election could provide a turning point for more crypto ETFs like SOL. If Trump becomes president again, it could shake up the long-standing timetable for launching crypto ETFs, which usually takes years and begins with the launch of federally regulated futures contracts. This is something Solana He has not. “It may also be possible” that his theoretical administration could implement permissive digital asset regulations that would allow the launch of “countless digital asset spot ETFs,” the memo reads. If this happens, Solana, one of the largest crypto assets behind BTC and Ethereum (ETH), could be the first to benefit.

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