Solana Soars 6% As VanEck Files For First Solana ETF And Analysts Predict Speedy Approval If Donald Trump Is President

Updated: 28 June 2024

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The Solana price pumped over 6% after VanEck filed for a Solana ETF (exchange-traded fund) and some analysts said regulatory approval might come quickly if Donald Trump retakes the White House.

VanEck Files For The First Solana ETF In The US, Calls Solana A Commodity

“I am excited to announce that VanEck just filed for the FIRST Solana exchange-traded fund (ETF) in the US,” VanEck’s head of digital assets research Matthew Sigel said in an X post yesterday.

Sigel went on to say that VanEck believes SOL is a commodity because it “functions similarly to other digital commodities such as bitcoin and ETH.”

I am excited to announce that VanEck just filed for the FIRST Solana exchange-traded fund (ETF) in the US.

Some thoughts on why we believe SOL is a commodity are below.

Why did we file for it?
A competitor to Ethereum, Solana is open-source blockchain software designed to… pic.twitter.com/XwwPy8BXV2

— matthew sigel, recovering CFA (@matthew_sigel) June 27, 2024

If approved, the VanEck Solana Trust would list on the Cboe BZX Exchange. It will “hold SOL and will value its shares daily based on the reported MarketVectorTM Solana Benchmark Rate,” the asset manager’s S-1 registration statement said.

The Solana price traded at $144.73 as of 2:35 a.m. EST.

Crypto ETFs Could Be Approved A Lot Quicker If Trump Is Elected

With a CNN poll after yesterday’s first presidential debate showing 57 percent of viewers having no confidence in Joe Biden’s ability to lead the US, and with 44 percent saying they do have confidence in Trump, there may soon be a president who has said he will be pro-crypto.

That means VanEck’s Solana ETF could receive approval faster than many may think, according to GSR, one of the biggest crypto market makers and investors.

“While the current legislative and regulatory makeup is unlikely to adopt rules enabling the launch of myriad spot digital asset ETFs, a Trump administration and liberal SEC Commissioner could do exactly that,” it said in a note. “Not only is such a scenario possible, but it may even be probable.”

This development comes amid crypto’s growing presence in American politics. Billionaire investor Mark Cuban, best known for his role in the TV show ”Shark Tank,” has even said that a presidential candidate’s stance towards the digital asset sector could make or break their campaign.

As a result, Trump has recently developed a positive stance towards the nascent industry, even accepting crypto donations for his campaign.

Other SOL Cryptos Poised To Gain From Hype Around Solana ETF Products

The mania around Solana meme coins this year may be reignited by the hype around the possible launch of a Solana ETF.

That’s great news for Solana meme coin stars like Dogwifhat (WIF), Bonk (BONK), and Book of Meme (BOME), as well as for red hot SOL presales like Sealana (SEAL), which is set to list next week after a blockbuster ICO that raised more than $6 million.