TL; DR
Full story
Solana ETF available soon? Probably not.
But the market doesn’t care!
SOL rose damn near 10% in an hour after VanEck filed for a SOL ETF yesterday.
Here’s why we’re party-poopers when it comes to: approval timeline…
The road to approval is likely to be long and arduous, as the process of launching a spot SOL exchange traded fund (ETF) – where the purchase of shares leads to the purchase of Solana, allowing investors to purchase cryptocurrencies through the stock market – is slowly.
We have explained it in detail herebut here’s a quick summary:
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A SOL futures ETF typically needs to be launched first (which allows investors to bet on the future price of Solana, without actually buying it)
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The SEC will want trading there for a year or more to ensure there is no manipulation.
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The ETF can then be approved.
Here’s why that doesn’t matter to traders right now:
A few months ago, most people expected the SEC to do their level best to ban the sale of SOL in the US (they are still facing a lawsuit against Coinbase for the sale of Solana).
The idea that VanEck is willing to apply for a Solana ETF and possibly fight the SEC in court to get it approved represents a huge mood change and gives the market a new story to buy into.
It will probably be a long process, but it’s a good first step!
