VanEck Files S-1 Form for Solana Spot ETF with the SEC, Marking the First Request of its Kind in the U.S.
The asset manager VanEck has just filed an S-1 form with the SEC for a Solana Spot ETF. This move marks the first request for a Solana ETF in the United States, coming only six days after a similar product was launched in Canada.
VanEck’s filing has sparked strong interest among investors, driving the price of Solana (SOL) up by 7% to surpass $149.
Impact on SOL Price
The announcement of VanEck’s request has generated significant interest, propelling the price of SOL upward. Since the filing, the native token of Solana, SOL, has increased by over 7%, currently standing at $149. This notable surge is attributed to the market’s anticipation and excitement surrounding the possibility of a Solana ETF in the United States.
Context of Crypto ETFs
VanEck’s request for a Solana ETF comes in the context of the SEC recently approving the first Bitcoin Spot ETF in January. Additionally, a similar Ethereum Spot ETF is undergoing validation, with initial forms already approved.
Having previously gone through a similar process for its Ethereum ETF, VanEck is now applying this strategy to Solana, further solidifying its position in the crypto ETF sector. This initiative could potentially pave the way for wider adoption of Solana among traditional investors and increase its visibility in financial markets.
With VanEck’s request, Solana is nearing becoming the first crypto after Bitcoin and Ethereum to have an ETF in the United States, marking a significant milestone for the network and its investors.
