Breaking: Solana ETF Proposal Filed by VanEck

Cover image via U.Today

New York-based investment firm VanEck has filed a proposal to launch a spot Solana exchange-traded fund (ETF).

The VanEck Solana Trust is supposed to provide direct exposure to SOL. Its shares would be valued on a daily basis using prices drawn from trading platforms selected by MarketVector.

Investors would be able to get access to the red-hot altcoin through shares that are held in a traditional brokerage account. This eliminates potential risks that are associated with holding the token directly.

The filing comes after the U.S. Securities and Exchange Commission (SEC) greenlit Bitcoin ETFs in January.

The regulator is also on track to complete the approval of several spot Ethereum ETFs.

Following the SEC’s U-turn on Ethereum, several analysts suggested that ETF issuers could push for more altcoin ETF.

As reported by U.Today, Ripple CEO Brad Garlinghouse predicted that the approval of multiple altcoin ETFs, including a Solana-based one, was inevitable.

The Solana price is up 8% over the past 24 hours.

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].

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