In a significant development for the cryptocurrency market, asset manager VanEck has officially lodged a registration to sell shares in a Solana (SOL) exchange-traded fund (ETF) in the United States. This landmark filing comes just six days after 3iQ filed for a similar product in Canada, highlighting the growing interest and momentum in the crypto ETF arena.
SEC Submission Boosts Solana’s Value
VanEck’s submission of the S-1 registration form to the Securities and Exchange Commission (SEC) has already made waves in the market, contributing to an almost 8% increase in Solana’s price over the last 24 hours. The broader cryptocurrency market, as measured by the CoinDesk 20 Index (CD20), saw a 1.8% rise during the same period, underscoring the significant impact of the filing.
Current Market Performance
As of the latest data, Solana is trading at $148.24 with a 24-hour trading volume of $2,568,486,787. The cryptocurrency has seen a 7.31% increase in the last 24 hours, reflecting positive market sentiment following VanEck’s ETF filing. Solana currently holds the #5 position on CoinMarketCap, boasting a market cap of $68,539,576,858.
VanEck: A Pioneer in Crypto ETFs
VanEck has established itself as a trailblazer in the crypto ETF sector. The asset manager was the first to submit a spot ether (ETH) ETF application in 2021, nearly three years before the SEC began formal discussions with other major issuers such as BlackRock, Fidelity, and Ark Invest. In September of the previous year, VanEck made an additional filing, further solidifying its position as an industry leader.
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Future Prospects: Ethereum and Solana ETFs
The SEC’s approval of the first spot bitcoin (BTC) ETF in January marked a pivotal moment in the crypto ETF landscape. An ether ETF is on the horizon, with analysts predicting it could attract $5 billion in net inflows within the first five months. If an ETH ETF is approved, Solana could be the next cryptocurrency to be packaged into such a fund due to its similarities to Ethereum, classifying it as a commodity.Â
However, serious discussions about a Solana ETF will not start until 2025. Additionally, Standard Chartered Bank analyst Geoffrey Kendric has indicated that Ripple’s XRP could be another potential candidate for an ETF.
