Altcoins
The real reason why VanEck filed the first Solana ETF in the United States
Amid the continued mass adoption of digital assets driven by institutional investors, 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, head of digital assets research at VanEck US, the company filed a Solana ETF with the U.S. Securities and Exchange Commission (SEC) on Thursday, June 27.
Why Solana ETF now?
Following the recent approval of Ethereum and Bitcoin spot ETFs in the US, market experts believe it is a matter of time before the SEC approves similar products from the altcoin sector. Additionally, there is really high demand for altcoins from institutional investors looking to diversify their cryptocurrency portfolio.
According to Sigel, the Solana network has grown into a popular web3 ecosystem with nearly $4 billion in total value locked (TVL). With a market capitalization of nearly $4 billion in stablecoins, the Solana network has attracted more web3 developers, as evidenced by its vibrant 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 implications
Following the announcement, the price of the SOL against the US dollar increased by more than 9%, settling at around $149 as of this writing. Although the final decision on the Solana ETF will take place in 2025, with the possibility of a new US government, it is now clear that Wall Street is ready for the altcoin industry.