Investment giant VanEck is seeking approval for a spot Solana (SOL) exchange-traded fund (ETF), according to a new filing with the U.S. Securities and Exchange Commission (SEC).
The company submitted an S-1 registration statement to the securities regulator on Thursday related to the SOL ETF, which would be called the VanEck Solana Trust.
VanEck, who is the first company in the United States to file for an SOL ETF, says it would be listed on the Cboe BZX Exchange if ultimately approved by the SEC.
After the filing, Solana’s price shot up from a 24-hour low of $130 to a 24-hour high of $150 at time of writing, a more than 15% gain.
The SEC approved spot Bitcoin (BTC) ETFs earlier this year and has indicated spot Ethereum (ETH) ETFs will be approved soon.
Bloomberg ETF analyst Eric Balchunas predicts that if former US President Donald Trump prevails over President Joe Biden in November’s election, the application would likely get approved. Trump is perceived as being more supportive of digital assets than Biden.
“The knee-jerk reaction here is: ‘oh, this will never be approved because there aren’t Solana futures.’ Agree, but if [there’s a] change at POTUS (President of the United States) I think anything [is] possible. Just imagine [Commissioner on the SEC] Hester Peirce (or someone like that) running the SEC…
I see this filing as a call option on the POTUS election… I don’t blame them for trying this. Why not.”
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