Bloomberg Analyst Predicts Solana ETF To Launch In 2025 – Crypto News

Senior Bloomberg ETF Analyst James Seyffart sees a Solana ETF product entering the market as soon as 2025.

VanEck Files for Solana ETF

Investment asset management firm and spot Bitcoin ETF issuer VanEck has filed for a Solana ETF with the United States Securities and Exchange Commission (SEC). The submission of this Form S-1 filing makes it the first firm to apply for the proposed rule change in the U.S. Noteworthy, Canadian investment firm 3iQ Corp filed a preliminary prospectus to offer the Solana (SOL) Fund (QSOL) in Canada about a week ago.

According to Matthew Sigel, the Head of Digital Assets Research at VanEck, Solana’s function is quite similar to that of Bitcoin and Ethereum which the SEC has already approved as ETFs.

To this latest development, Seyffart thinks it would be “interesting” if others issuers follow the same path. At the same time, he does not think the approval can come earlier than 2025, if it will.

First SOL ETF filing in the U.S. Will be interesting to see if other issuers immediately follow suit. Early thoughts are that this only has a shot to launch sometime in 2025 if we have a new admin in the White House and SEC. Even then not guaranteed. https://t.co/I1yoWNpdd4

— James Seyffart (@JSeyff) June 27, 2024

While there is no guarantee for an approval, the Bloomberg analyst believes that there must be a change in the administration of the White House and the SEC before SOL ETF can become a reality.

Chorus Rise on Spot Solana ETF

The talks about Solana ETFs became intense as several asset managers filed for spot Ethereum ETFs. As the odds for spot Ethereum ETFs approval grew to 70%, many market observers began to perceive that the second largest cryptocurrency by market capitalization would set the precedent for other altcoins including Solana. Even Daniel Yan, co-founder of Matrixport, suggested at the time that SOL could be the crypto to benefit following the approval of a spot Ethereum ETF.

Immediately the SEC approved spot Ethereum ETFs on May 23, industry experts started looking toward the next big thing, Solana ETFs. Anthony  Scaramucci, SkyBridge Capital founder stated that they would soon start working on getting the spot Solana ETF. The chorus for spot Solana ETFs has just continued to grow.

Like Seyffart suggested, other asset management firms like BlackRock, Grayscale, Franklin Templeton, Fidelity, Bitwise and others may see VanEck’s filing as a call to join the SOL ETF movement.

A XRP ETF is also expected to make rounds very soon. Ripple President Monica Long recently supported an XRP ETF. In an interview with CNBC, Long stated that an XRP ETF would make “a lot of sense,” given the current regulatory clarity surrounding XRP and Bitcoin in the U.S.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

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