Senior Bloomberg ETF Analyst James Seyffart sees a Solana ETF product entering the market as soon as 2025.
VanEck Files for Solana ETF
Investment asset management firm and spot Bitcoin ETF issuer VanEck has filed for a Solana ETF with the United States Securities and Exchange Commission (SEC). The submission of this Form S-1 filing makes it the first firm to apply for the proposed rule change in the U.S. Noteworthy, Canadian investment firm 3iQ Corp filed a preliminary prospectus to offer the Solana (SOL) Fund (QSOL) in Canada about a week ago.
According to Matthew Sigel, the Head of Digital Assets Research at VanEck, Solana’s function is quite similar to that of Bitcoin and Ethereum which the SEC has already approved as ETFs.
To this latest development, Seyffart thinks it would be “interesting” if others issuers follow the same path. At the same time, he does not think the approval can come earlier than 2025, if it will.
First SOL ETF filing in the U.S. Will be interesting to see if other issuers immediately follow suit. Early thoughts are that this only has a shot to launch sometime in 2025 if we have a new admin in the White House and SEC. Even then not guaranteed. https://t.co/I1yoWNpdd4
— James Seyffart (@JSeyff) June 27, 2024
While there is no guarantee for an approval, the Bloomberg analyst believes that there must be a change in the administration of the White House and the SEC before SOL ETF can become a reality.
Chorus Rise on Spot Solana ETF
The talks about Solana ETFs became intense as several asset managers filed for spot Ethereum ETFs. As the odds for spot Ethereum ETFs approval grew to 70%, many market observers began to perceive that the second largest cryptocurrency by market capitalization would set the precedent for other altcoins including Solana. Even Daniel Yan, co-founder of Matrixport, suggested at the time that SOL could be the crypto to benefit following the approval of a spot Ethereum ETF.
Immediately the SEC approved spot Ethereum ETFs on May 23, industry experts started looking toward the next big thing, Solana ETFs. Anthony Scaramucci, SkyBridge Capital founder stated that they would soon start working on getting the spot Solana ETF. The chorus for spot Solana ETFs has just continued to grow.
Like Seyffart suggested, other asset management firms like BlackRock, Grayscale, Franklin Templeton, Fidelity, Bitwise and others may see VanEck’s filing as a call to join the SOL ETF movement.
A XRP ETF is also expected to make rounds very soon. Ripple President Monica Long recently supported an XRP ETF. In an interview with CNBC, Long stated that an XRP ETF would make “a lot of sense,” given the current regulatory clarity surrounding XRP and Bitcoin in the U.S.
Read More: Supreme Court Limits SEC’s Use of In-House Trials in Fraud Cases
The post Bloomberg Analyst Predicts Solana ETF To Launch In 2025 appeared first on CoinGape.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed