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The cryptocurrency world is buzzing with excitement as two major players have entered the race to launch the first Solana (SOL) exchange-traded fund (ETF) in the United States. VanEck and 21Shares have both filed applications with the Securities and Exchange Commission (SEC) for spot Solana ETFs, marking a significant milestone for the popular blockchain platform.
VanEck kicked off the competition on June 27, 2024, by submitting its application for the VanEck Solana Trust. The firm aims to provide institutional investors with exposure to Solana, which has gained recognition as a leading competitor to Ethereum. VanEck’s Head of Research, Mathew Sigel, highlighted Solana’s decentralized nature, high utility, and economic feasibility as key factors driving their decision to pursue this ETF.
Not to be outdone, 21Shares quickly followed suit on June 28, filing for the 21Shares Core Solana ETF. This move comes as no surprise, given 21Shares’ history as a crypto ETF pioneer. The proposed fund would trade on the Cboe BZX Exchange, with Coinbase serving as the custodian for the Solana holdings.
We have another spot sol ETF filing…
This one from 21Shares.
Here we go again. pic.twitter.com/ujumjpdKbM
— Nate Geraci (@NateGeraci) June 28, 2024
Both ETF proposals share some similarities. They aim to hold Solana tokens directly, providing investors with exposure to the cryptocurrency without the need to manage wallets or private keys. Neither fund plans to participate in staking or validating SOL tokens, focusing solely on tracking the asset’s price.
Solana ETF Race Comes Amid Ethereum ETF Decision Expectations
The timing of these filings is particularly interesting, as the crypto industry eagerly awaits the potential approval of Ethereum ETFs. Experts predict that Ethereum-based funds could receive the green light as early as July 2, with some speculating that approvals might come by July 4.
The introduction of Solana ETFs could have a significant impact on the cryptocurrency’s adoption and price. Following the news of VanEck’s filing, SOL’s price saw a rapid increase from $135 to $151, demonstrating the market’s positive reaction to the prospect of easier institutional access.
However, it’s worth noting that Solana has faced criticism in the past for network outages and slow processing during congestion. Despite these challenges, SOL remains the fifth-largest cryptocurrency by market capitalization, highlighting its strong position in the crypto ecosystem.
As the SEC reviews these applications, the crypto community will be watching closely. The approval of Solana ETFs could pave the way for more altcoin-based funds, potentially revolutionizing how traditional investors gain exposure to the digital asset space.
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