Solana

James

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New York-based investment firm VanEck is making waves with its recent proposal to launch a spot&nbsp;<a href="https://u.today/breaking-solana-etf-proposal-filed-by-vaneck" rel="noopener noreferrer nofollow">Solana ETF</a>, dubbed the VanEck Solana Trust. The fund's goal is to provide direct exposure to&nbsp;<a href="https://u.today/metallica-falls-victim-to-crypto-scam" rel="noopener noreferrer nofollow">SOL</a>. It does this by using prices from selected trading platforms to value its shares daily.
This is in line with the recent SEC approval of Bitcoin ETFs and the ongoing approval of several spot&nbsp;<a href="https://u.today/ethereum-etf-approval-may-be-imminent-as-vaneck-steps-up" rel="noopener noreferrer nofollow">Ethereum ETFs</a>, including one from VanEck.&nbsp;
Anthony Pompliano, a big name in the industry, pointed to the ETF filing as proof that altcoins are making their way onto Wall Street. Pompliano said that cryptocurrencies are making public markets more volatile and risky, which backs up the idea that more institutions are interested in digital assets other than just&nbsp;<a href="https://u.today/mike-novogratz-breaks-silence-on-crypto-etf-deal-with-state-street" rel="noopener noreferrer nofollow">Bitcoin</a> and Ethereum.
<blockquote>
 VanEck filing for a Solana ETF is further proof that altcoins are coming to Wall Street. Crypto is helping bring volatility and risk back to public markets.— Pomp 🌪 (@APompliano) <a href="https://twitter.com/APompliano/status/1806321788156023258?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 27, 2024</a>
</blockquote>
On the other hand, Bloomberg ETF analyst James Seyffart was a bit more cautious, pointing out potential regulatory hurdles. Seyffart said that even though VanEck filed for the Solana ETF, it might take a while to launch depending on what happens with the political system.&nbsp;
He said that a formal 19b-4 filing, which is important for setting a timeline, is not yet available, so it looks like the launch might be in mid-March 2025 at the earliest.
As we look ahead, there are a few questions about the regulatory environment and the timeline for approval. The key thing to watch is how market dynamics and investor sentiment will change as more altcoin ETF proposals are considered.

'Altcoins Are Coming to Wall Street': Anthony Pompliano Speaks on Solana ETF

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