Senior Bloomberg ETF Analyst James Seyffart sees a Solana ETF product entering the market as soon as 2025.<\/p>\n
VanEck Files for Solana ETF<\/strong><\/h2>\nInvestment asset management firm and spot Bitcoin ETF issuer VanEck has filed for a Solana ETF<\/a> 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<\/a> filed a preliminary prospectus to offer the Solana (SOL) Fund (QSOL) in Canada about a week ago.<\/p>\nAccording to Matthew Sigel, the Head of Digital Assets Research at VanEck, Solana\u2019s function is quite similar to that of Bitcoin and Ethereum which the SEC has already approved as ETFs.<\/p>\n
To this latest development, Seyffart thinks it would be \u201cinteresting\u201d 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.<\/p>\n
\nFirst 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<\/a><\/p>\n\u2014 James Seyffart (@JSeyff) June 27, 2024<\/a><\/p>\n<\/blockquote>\nWhile 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.<\/p>\n
Chorus Rise on Spot Solana ETF<\/strong><\/h2>\nThe 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<\/a> 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.<\/p>\nImmediately the SEC approved spot Ethereum ETFs on May 23, industry experts started looking toward the next big thing, Solana ETFs. Anthony\u00a0 Scaramucci, SkyBridge Capital founder stated that they would soon start working on getting the spot Solana ETF.<\/a>\u00a0The chorus for spot Solana ETFs has just continued to grow.<\/p>\nLike Seyffart suggested, other asset management firms like BlackRock, Grayscale, Franklin Templeton, Fidelity, Bitwise and others may see VanEck\u2019s filing as a call to join the SOL ETF movement.<\/p>\n
A XRP ETF is also expected to make rounds very soon. Ripple President\u00a0Monica Long<\/a> recently supported an XRP ETF. In an interview with CNBC, Long stated that an XRP ETF<\/a>\u00a0would make \u201ca lot of sense,\u201d given the current regulatory clarity surrounding XRP and Bitcoin in the U.S.<\/p>\n
According to Matthew Sigel, the Head of Digital Assets Research at VanEck, Solana\u2019s function is quite similar to that of Bitcoin and Ethereum which the SEC has already approved as ETFs.<\/p>\n
To this latest development, Seyffart thinks it would be \u201cinteresting\u201d 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.<\/p>\n
\nFirst 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<\/a><\/p>\n
\u2014 James Seyffart (@JSeyff) June 27, 2024<\/a><\/p>\n<\/blockquote>\n
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.<\/p>\n
Chorus Rise on Spot Solana ETF<\/strong><\/h2>\n
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<\/a> 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.<\/p>\n
Immediately the SEC approved spot Ethereum ETFs on May 23, industry experts started looking toward the next big thing, Solana ETFs. Anthony\u00a0 Scaramucci, SkyBridge Capital founder stated that they would soon start working on getting the spot Solana ETF.<\/a>\u00a0The chorus for spot Solana ETFs has just continued to grow.<\/p>\n
Like Seyffart suggested, other asset management firms like BlackRock, Grayscale, Franklin Templeton, Fidelity, Bitwise and others may see VanEck\u2019s filing as a call to join the SOL ETF movement.<\/p>\n
A XRP ETF is also expected to make rounds very soon. Ripple President\u00a0Monica Long<\/a> recently supported an XRP ETF. In an interview with CNBC, Long stated that an XRP ETF<\/a>\u00a0would make \u201ca lot of sense,\u201d given the current regulatory clarity surrounding XRP and Bitcoin in the U.S.<\/p>\n
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