This is the huge news of today : Solana, the 4th most capitalized blockchain in the world behind Binance BNB coin, Ethereum, and of course Bitcoin, may soon have a spot ETF in the US.
Photo by Andre Taissin
ETF Application
Yesterday, on June 27th, VanEck, a famous investment management firm, filed for a spot ETF for Solana !
Source : Twitter (X)
VanEck is already the manager of spot ETFs for Ethereum and Bitcoin. If this is approved, it would be the first Solana ETF in the US.
In a tweet, they explained why Solana is considered a commodity : “We believe the native token, SOL, functions similarly to other digital commodities such as Bitcoin and ETH.”
They also explained their choice of Solana for their potentially next crypto ETF : “A competitor to Ethereum, Solana is open-source blockchain software designed to handle various applications, including payments, trading, gaming, and social interactions. Operating as a single global state machine without sharding or layer 2s, the Solana blockchain’s unique combination of scalability, speed, and low costs may offer a better user experience for many use cases.”
We can note that they insist on the scalability of Solana compared to Ethereum, which is a well-known weakness of the Ethereum chain.
Furthermore, today, 21Shares just announced that they have also filed for a Solana spot ETF !
Source : Twitter (X)
But these two investment firms are known to be pioneers in the crypto industry when it comes to ETFs. We haven’t seen huge investment companies such as BlackRock or Fidelity yet, which have very high acceptance ratios for their applications.
Acceptance ?
Many observers believe that it’s too early to predict the SEC’s decision :
Source : Twitter (X)
It’s also clear that the presidential elections in the US happening in November will play a crucial role. If there is a change in the administration in favor of crypto, there will be more chances.
In the meantime, the SEC just launched a series of lawsuits against Lido, Rocket Pool, and ConsenSys, the company behind MetaMask :
Source : Twitter (X)
And what do you think of the Solana spot ETF ?
As always thank you for reading !
My favorite Crypto Faucet : Cointiply (referral)
Read exclusive articles on publish0x and if you want to support me for free you can sign in with this link
Disclaimer : This is not a financial advice, you need to do your own research !
