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Solana (CRYPTO: SOL) investors saw a price surge of over 6% on Thursday after asset manager VanEck filed an S-1 registration form with the SEC for a Solana exchange-traded fund (ETF).
What Happened: This marks the first attempt at a Solana ETF in the U.S., following a similar product launch in Canada just six days prior.
The news comes on the heels of successful Bitcoin (CRYPTO: BTC) spot ETF approvals by the SEC earlier this year.
Analysts predict a similar positive outcome for Ethereum (CRYPTO: ETH) ETFs, with potential inflows of $15 billion within the first eighteen months of launch.
However, the path to a Solana ETF in the U.S. remains unclear.
Industry experts like Bloomberg analyst James Seyffart believe approval hinges on potential changes in the regulatory landscape.
In a social media post, Seyffart stated, “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.”
Also Read: China’s Crypto Mining Ban Was ‘Very Unwise,’ Says Hong Kong Academic
This uncertainty is reflected in prediction markets like Polymarket, where the chance of a Solana ETF being approved in 2024 sits at a mere 15%.
Despite the hurdles, VanEck’s filing signifies growing interest in Solana-based investment products.
Whether this translates to a successful ETF launch in the near future depends on the SEC’s approach and potentially, a shift in the political landscape.
What’s Next: Jan Van Eck will be speaking at Benzinga’s Future of Digital Assets event on Nov. 19 about the complexities of crypto ETFs and other emerging investment vehicles.
Read Next: Bitcoin ‘Downside Risk’ Looms Yet Again In July: JPMorgan
Image: Shutterstock
