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 has filed an S-1 registration rack to the securities regulator Thursday regarding the SOL ETF, which would be called the VanEck Solana Trust.
VanEck, the first company in the United States to file for a SOL ETF, says it would list 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 the time of writing, a gain of more than 15%.
The SEC approved spot Bitcoin (BTC) ETFs earlier this year and has indicated that 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 the November election, the application is likely to be approved. Trump is believed to be more supportive of digital assets than Biden.
“The knee-jerk reaction here is, ‘oh, this will never be approved because there is no Solana future.’ Agree, but if [there’s a] change in POTUS (President of the United States) I think all kinds of things [is] possible. Imagine [Commissioner on the SEC] Hester Peirce (or someone else) who runs the SEC…
I see this filing as a call option for the POTUS elections…I don’t blame them for trying to do this. Why not.”
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