VanEck believes that Solana’s high throughput, low fees, strong security, and vibrant community make it an attractive option for an ETF, providing investors with exposure to an innovative open-source ecosystem. In addition, Sigel believes that the native token SOL serves as a means of payment for transaction fees and computing services on the Solana blockchain, similar to Bitcoin and Ethereum in their respective networks, suggesting that it should be classified as a commodity rather than a crypto security, thus having a strong argument for SEC approval of the Solana ETF. Analysts Anticipate Bullish Sentiment While the news of a Solana ETF filing has generated excitement, some experts express caution. For instance, Bloomberg ETF expert James Seyffart suggests that the Solana ETF might only launch in 2025 under a new administration in the White House and SEC as the anticipated election date in the US nears, with crypto regulation as one of the main topics in the race for the White House. In addition, market analyst Adam Cochran highlights unresolved SEC claims and Chicago Mercantile Exchange (CME) futures volume requirements in the US as potential challenges to ETF approval.
The news of VanEck’s Solana ETF filing with the US Securities and Exchange Commission (SEC) caused a surge in the native token SOL, with its price rising nearly 8% upon disclosure by Matthew Sigel, VanEck’s head of digital asset research. VanEck’s Confidence In Its Solana ETF Filing In a social media post, Sigel highlighted VanEck’s reasons behind the filing, emphasizing Solana’s potential as a competitor to Ethereum and its ability to support various applications such as payments, trading, gaming, and social interactions.
Describing Solana as open-source blockchain software designed for scalability, speed, and low costs, Sigel explained that the platform offers an enhanced user experience across multiple use cases. Related Reading: Fears Of Bitcoin Sales By US And German Govts Are FUD, Even Bullish: Experts Sigel also cited Solana’s ability to process thousands of transactions per second at low fees and use a secure mechanism based on proof-of-history and proof-of-stake as reasons for the bold move to file the Solana ETF with the SEC on Thursday.
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