Key Takeaways
- Solana’s value soar displays market optimism following VanEck’s ETF submitting.
- VanEck’s initiative might set a precedent for future cryptocurrency ETFs within the US.
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Solana’s (SOL) value surged virtually 10%, from round $139 to $151, shortly after VanEck’s software for a spot Solana exchange-traded fund (ETF). In response to TradingView, SOL is at the moment buying and selling at round $148, up 8% up to now 24 hours.
On Thursday, VanEck, the outstanding participant within the ETF market, submitted an S-1 kind to the US Securities and Alternate Fee (SEC) to launch the VanEck Solana Belief. VanEck’s transfer marks the primary try to ascertain a Solana-based ETF within the US.
With the newest submitting, VanEck has categorized Solana as a commodity somewhat than a safety.
As well as, Matthew Sigel, Head of Digital Belongings at VanEck, mentioned Solana stands out as a high-performance blockchain with outstanding attributes like excessive scalability, velocity, and low transaction charges.
I’m excited to announce that VanEck simply filed for the FIRST Solana exchange-traded fund (ETF) within the US.
Some ideas on why we consider SOL is a commodity are beneath.
Why did we file for it?
A competitor to Ethereum, Solana is open-source blockchain software program designed to… pic.twitter.com/XwwPy8BXV2— matthew sigel, recovering CFA (@matthew_sigel) June 27, 2024
VanEck’s new submitting comes forward of the anticipated launch of spot Ethereum funds within the US. In Could, the SEC greenlit a batch of Ethereum ETF filings, together with one from VanEck. These ETFs are at the moment pending buying and selling approval from the SEC.
Bloomberg ETF analyst Eric Balchunas predicts the SEC will enable Ethereum ETFs to start out buying and selling as quickly as subsequent week.
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