{"id":332673,"date":"2024-06-27T22:23:56","date_gmt":"2024-06-27T16:53:56","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=332673"},"modified":"2024-06-27T23:19:06","modified_gmt":"2024-06-27T17:49:06","slug":"vaneck-files-for-spot-solana-etf-but-will-it-gain-approval-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/vaneck-files-for-spot-solana-etf-but-will-it-gain-approval-crypto-news\/","title":{"rendered":"VanEck files for spot Solana ETF but will it gain approval? – Crypto News"},"content":{"rendered":"
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VanEck<\/a> has filed plans<\/a> with the US Securities and Exchange Commission to create a spot Solana<\/a> exchange-traded fund (ETF).<\/p>\n

If approved, the VanEck Solana Trust will reflect the performance of the price of the blockchain network\u2019s native SOL token. However, the filing stated that the Trust has no plans to stake the SOL tokens for staking rewards.<\/p>\n

Nonetheless, news of the application pushed SOL\u2019s price up by around 10% to nearly $150. According to Coinglass data<\/a>, the sudden price increase wiped out more than $5 million from short traders speculating on its price within the past hour.<\/p>\n

Why VanEck filed for a spot Solana ETF<\/h2>\n

Matthew Sigel, VanEck\u2019s head of digital research, explained<\/a> the rationale behind the firm\u2019s application, emphasizing that the SOL token functions like a commodity.<\/p>\n

Sigel noted that Solana is an open-source blockchain platform tailored for diverse applications such as payments, trading, gaming, and social interactions. According to him, Solana\u2019s robust attributes, including high throughput, low transaction fees, stringent security protocols, and a vibrant community, position it favorably for an ETF.<\/p>\n

He added:<\/p>\n

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\u201cWe believe the native token, SOL, functions similarly to other digital commodities such as Bitcoin and ETH. It is utilized to pay for transaction fees and computational services on the blockchain. Like ether on the Ethereum network, SOL can be traded on digital asset platforms or used in peer-to-peer transactions.\u201d<\/p>\n<\/blockquote>\n

Will it be approved?<\/h2>\n

Eric Balchunas,<\/a> Bloomberg\u2019s senior ETF analyst, highlighted that the absence of a SOL futures product could affect the spot ETF approval prospects.<\/p>\n

However, he noted that a change in US presidential leadership might facilitate approval, particularly under a pro-crypto SEC leadership, such as Hester Peirce<\/a>. He said<\/a>:<\/p>\n

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\u201cThe knee-jerk reaction here is, \u2018Oh, this will never be approved because there aren\u2019t Solana futures, \u2018 I agree, but.. if there is change at POTUS, I think anything possible. Just imagine Hester Peirce (or someone like that) running the SEC.\u201d<\/p>\n<\/blockquote>\n

Jake Chervinsky, the CLO of crypto fund Variant Fund, added<\/a>:<\/p>\n

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\u201cThere\u2019s nothing preventing the SEC from approving a spot crypto ETF without a futures market. It\u2019s just how the agency has interpreted the Exchange Act, but that could change under new leadership.\u201d<\/p>\n<\/blockquote>\n

Meanwhile, market experts said the ETF application further shows that the industry is moving toward mainstream financial acceptance. Over the past year, crypto has gained significant attention among Americans, especially with the launch of spot Bitcoin<\/a> ETFs in January.<\/p>\n

Mentioned in this article<\/h6>\n
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Latest Alpha<\/span> Market Report<\/h6>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

VanEck has filed plans with the US Securities and Exchange Commission to create a spot Solana exchange-traded fund (ETF). If approved, the VanEck Solana Trust will reflect the performance of the price of the blockchain network\u2019s native SOL token. However, the filing stated that the Trust has no plans to stake the SOL tokens for […]<\/p>\n","protected":false},"author":2,"featured_media":332701,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-332673","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/332673","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=332673"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/332673\/revisions"}],"predecessor-version":[{"id":332706,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/332673\/revisions\/332706"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/332701"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=332673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=332673"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=332673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}