Investment giant VanEck’s head of digital asset research, Matthew Sigel, confirmed that his company’s Solana (SOL) exchange-traded fund (ETF) application is a bet on Donald Trump winning the presidential election.
Last week, VanEck submitted an S-1 registration statement to the U.S. Securities and Exchange Commission (SEC), becoming the first company in the United States to apply for a SOL ETF.
Bloomberg ETF analyst Eric Balchunas said he believes the application is a “call option on the U.S. presidential election.”
“The knee-jerk reaction here is, ‘Oh, this will never get approved because there are no Solana futures.’ Fair, but if there’s a change in the U.S. President, I think anything is possible. Imagine Hester Peirce (or a like-minded person) running the SEC,” Balchunas said.
Sigel confirmed Balchunas’s speculation on social media platform X on Monday.
Trump recently claimed that he will be the “crypto president,” winning support from many stakeholders in the digital asset industry who believe that the Biden administration is hostile to the industry.
However, the former president has not always been a fan of cryptocurrency: reportedly, in May 2018, while in the Oval Office, he instructed then-Treasury Secretary Steven Mnuchin to “go after Bitcoin (fraud).”
Three years later, Trump stated in an interview that he owns “zero cryptocurrency” and argued that digital assets are “a disaster waiting to happen.”
VanEck’s ETF will be called the VanEck Solana Trust, and if approved, it will be listed on the Cboe BZX Exchange. Last week, fintech firm 21Shares also applied for a SOL ETF.
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