VanEck Just Applied to Launch a Solana ETF
TL;DR
Full Story
Solana ETF coming quickly? In all probability not.
However the market doesn’t care!
SOL jumped rattling close to 10% in an hour after VanEck utilized for a SOL ETF yesterday.
Now, right here’s why we’re being occasion poopers re: approval timeline…
The highway to approval might be going to be a protracted and arduous one, as a result of the method of launching a spot SOL alternate traded fund (ETF) — the place the acquisition of shares goes in direction of shopping for Solana, permitting buyers to purchase crypto through the inventory market — is sluggish.
We outlined it in depth right here, however right here’s a fast recap:
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A SOL futures ETF sometimes must be launched first (permitting buyers to wager on the longer term worth of Solana, with out truly shopping for it)
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The SEC will wish to see a 12 months or extra of buying and selling happen there, to verify its freed from manipulation.
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Then the ETF approval can happen.
Now, right here’s why that doesn’t matter to merchants proper now:
Just a few months again, most individuals anticipated the SEC to do their darnedest to ban the sale of SOL within the US (they nonetheless have a lawsuit out towards Coinbase for promoting Solana).
So the concept that VanEck is prepared to file for a Solana ETF, and doubtlessly battle the SEC in court docket to get it permitted represents a large temper change, and offers the market a brand new narrative to purchase in to.
It’s most likely going to be a drawn out course of, however it’s first step!
