Solana ETF Expected to Hit the Market in 2025, Says Analyst
Analyst James Seyffart, Senior Bloomberg ETF has projected the entry of a Solana ETF product into the market as early as 2025. VanEck, an investment asset management firm and spot Bitcoin ETF issuer, has submitted a filing with the United States Securities and Exchange Commission (SEC) to launch a Solana ETF.
Filing by VanEck
This Filing makes VanEck the first firm to apply for the proposed rule change in the U.S. Notably, 3iQ Corp, a Canadian investment firm, filed a preliminary prospectus to offer the Solana (SOL) Fund (QSOL) in Canada about a week ago.
According to Matthew Sigel, the Head of Digital Assets Research at VanEck, Solana’s function is similar to that of Bitcoin and Ethereum, which the SEC has already approved as ETFs. Seyffart on his post on X views this development as “interesting” and anticipates the possibility of other issuers following suit.
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However, he does not foresee approval before 2025, if at all. While there is no guarantee for approval, Seyffart believes that a change in the administration of the White House and the SEC is necessary before the SOL ETF can become a reality.
The discussions surrounding Solana ETFs intensified as several asset managers filed for spot Ethereum ETFs. With the probability of spot Ethereum ETF approval reaching 70%, many in the market believe that the approval of a spot Ethereum ETF could set the precedent for other altcoins, including Solana.
Following the approval of spot Ethereum ETFs by the SEC, industry experts have turned their attention to the possibility of Solana ETFs. Anthony Scaramucci, the founder of SkyBridge Capital, announced plans to pursue the spot Solana ETF. This sentiment has been echoed by other asset management firms such as BlackRock, Grayscale, Franklin Templeton, Fidelity, Bitwise, and others.
Additionally, there are expectations for an XRP ETF to enter the market soon. Ripple President Monica Long recently voiced support for an XRP ETF, citing the current regulatory clarity surrounding XRP and Bitcoin in the U.S.
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