Solana (SOL) is receiving a lot of attention from major players, igniting hope among investors for it to reach new heights.
On June 27, American investment management company VanEck applied with the U.S. Securities and Exchange Commission (SEC) to establish an ETF product for Solana.
This will be a spot ETF, directly buying and holding SOL to support the shares issued to investors, as opposed to just having exposure through futures contracts like futures ETF. If approved, this ETF will be listed on the Cboe BZX stock exchange.
A spokesperson for VanEck stated that the company believes Solana has commodity-like properties similar to Bitcoin and Ethereum. They also mentioned that SOL can be used for more than just investment, such as paying blockchain transaction fees and serving other applications in the Solana ecosystem like DeFi, NFTs, etc. Additionally, the spokesperson noted that the Solana blockchain itself has achieved the necessary level of decentralization.
Another one. First to file for a Solana exchange-traded fund. https://t.co/klazclgYc6
— VanEck (@vaneck_us) June 27, 2024
VanEck’s move comes just a few days after the Solana ETF from 3iQ was announced in Canada. Following VanEck, 21Shares became the second entity to file for the establishment of a Solana spot ETF with the name “21Shares Core Solana ETF” according to the S-1 filing on July 28.
This further strengthens investor confidence as more than one major player is looking to establish an ETF for SOL. However, a representative from Cboe has stated that the prospect of a Solana spot ETF appearing in the U.S. at this time is not high, as SOL does not yet have a futures ETF. Both BTC and ETH required approval of futures ETFs before they could advance to become spot ETFs.
SEC Chairman Gary Gensler stated in January that only BTC is recognized as the sole crypto asset not considered a security, while other currencies have not yet escaped suspicion.
If Solana is not classified as a security, the launch of an ETF could boost investor interest and drive Solana’s price higher. Zhu Su of Three Arrows Capital has predicted that SOL could reach a price of $1,000 per unit, similar to Ethereum’s strong growth previously.
Why is no one talking about how Grayscale Solana trust is implying $1k per sol already
The numbers are very similar to when eth was $200 but ethe implied $1k, in 2020
— 朱溯 ???? (@zhusu) June 28, 2024
Currently, Solana is trading at $141.04/SOL, and there are no signs yet that it will surge in the future.
