Altcoins
Anthony Pompliano talks about the Solana ETF
Gamza Khanzadaev
As New York-based VanEck Proposes Solana ETF, Anthony Pompliano Heralds New Era for Altcoins on Wall Street
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New York-based investment firm VanEck is making waves with its recent proposal to launch a commercial Solana ETF, nicknamed the VanEck Solana Trust. The objective of the fund is to provide direct exposure to SOL. It does this by using the prices of selected trading platforms to evaluate its shares on a daily basis.
This is in line with the SEC’s recent approval of Bitcoin ETFs and the ongoing approval of numerous commercials Ethereum ETFincluding one from VanEck.
Anthony Pompliano, a big name in the industry, pointed to the ETF presentation as evidence that altcoins are making their way onto Wall Street. Pompliano said cryptocurrencies are making public markets more volatile and risky, which supports the idea that more institutions are interested in digital assets other than Bitcoin and Ethereum.
On the other hand, Bloomberg ETF analyst James Seyffart was a little more cautious, pointing out potential regulatory hurdles. Seyffart said that even though VanEck has applied for the Solana ETF, the launch could take some time depending on what happens with the political system.
He said there is no formal Form 19b-4 submission yet, which is important for establishing a timeline, so it appears the launch could happen in mid-March 2025 at the earliest.
Looking ahead, some questions arise about the regulatory environment and the timeline for approval. The key thing to keep an eye on is how market dynamics and investor sentiment will change as more altcoin ETF proposals are considered.
About the author
Gamza Khanzadaev
Financial analyst, trader and cryptocurrency enthusiast.
Gamza graduated in Finance and Credit with a specialization in securities and financial derivatives. He then obtained a master’s degree in banking and asset management.
He wants to help cover economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.