VanEck Investment Giant Sparks Minor Surge in SOL Price with Application for Solana ExchangeTraded Fund

According to a new filing submitted to the U.S. Securities and Exchange Commission (SEC), investment giant VanEck is seeking approval for a spot Solana (SOL) exchange-traded fund (ETF). On Thursday, the company filed an S-1 registration statement related to the SOL ETF with the securities regulator, which would be called the VanEck Solana Trust. VanEck is the first company in the U.S. to apply for a SOL ETF and stated that if it receives approval from the SEC, the company will list it on the Cboe BZX Exchange. Following the application, the price of Solana surged from a 24-hour low of $130 to a 24-hour high of $150 at the time of writing, representing a gain of over 15%. Earlier this year, the SEC approved a Bitcoin (BTC) spot ETF and indicated that an Ethereum (ETH) spot ETF will be approved soon. Bloomberg ETF analyst Eric Balchunas predicts that the application may be approved if former U.S. President Donald Trump wins the November election against President Joe Biden, as Trump is seen as more supportive of digital assets. “The knee-jerk reaction here is, ‘Oh, this will never get approved because there are no Solana futures.’ Agreed, but if the President of the United States (POTUS) changes, I think anything is possible. Imagine Hester Peirce or someone like that running the SEC… I think this application is a play on the U.S. presidential election… I don’t blame them for doing it. Why not? Don’t miss a beat – subscribe to get email alerts directly to your inbox. Check price action. Follow us on X, Facebook, and Telegram. Surf The Daily Hodl Mix. Image generated: midway.