VanEck Files the First Solana (SOL) Exchange-Traded Fund (ETF) in the United States

Amid the ongoing mass adoption of digital assets led by institutional investors, VanEck, one of the issuers of spot Bitcoin ETFs, has filed the first

Institutions led by massive crypto adoption, and VanEck, one of the issuers of spot Bitcoin ETFs, has filed the first Solana (SOL) exchange-traded fund (ETF) in the United States.

According to Matthew Sigel, the head of digital assets research at VanEck US, the firm filed a Solana ETF with the US Securities and Exchange Commission (SEC) on June 27, Thursday.

Why Solana ETF Now?

Following the recent approval of spot Ethereum and Bitcoin ETFs in the United States, market pundits believe that it is a matter of time before the SEC approves similar products from the altcoin industry. Moreover, there is a genuine high demand for altcoins by institutional investors seeking to diversify their crypto portfolio.

Sigel noted that the Solana network has emerged as a prominent Web3 ecosystem with almost $4 billion in total value locked (TVL). Having almost $4 billion in stablecoins market cap, the Solana network attracted more Web3 developers, which is evident from its meme coins.

The recent announcement by the US SEC that it will no longer investigate Ethereum for securities law violations has increased the credibility of altcoins.

Market Impact

Following the announcement, the SOL price against the US dollar surged over 9%, trading around $149 at the last check. While the final ruling on the Solana ETF will come in 2025, with a possibility of a new U.S. government, it is now clear that Wall Street is ready for the altcoin industry.

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