2024

Solana

<p>The post <a href="https://coinpedia.org/news/the-real-reason-why-vaneck-filed-the-first-solana-etf-in-the-u-s/" rel="noopener noreferrer nofollow">The Real Reason Why VanEck Filed the First Solana ETF in the U.S.</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Amid the ongoing mass adoption of digital assets led by institutional investors, VanEck, one of the issuers of spot Bitcoin ETFs, has filed the first Solana (SOL) exchange-traded fund (ETF) in the United States.&nbsp;</p>
<p>According to Matthew Sigel, the head of digital assets research at VanEck US, the firm filed a Solana ETF with the US Securities and Exchange Commission (SEC) on June 27, Thursday.&nbsp;</p>
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   <p lang="en" dir="ltr">Breaking : <a href="https://twitter.com/hashtag/VanEck?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#VanEck</a> Files for <a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Solana</a> Trust <a href="https://t.co/pCPyjQeH8P" rel="noopener noreferrer nofollow">pic.twitter.com/pCPyjQeH8P</a></p>— Coinpedia (@CoinpediaNews) <a href="https://twitter.com/CoinpediaNews/status/1806316173841351085?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 27, 2024</a>
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<h2 class="wp-block-heading" id="h-why-solana-etf-now">Why Solana ETF Now?</h2>
<p>Following the recent approval of spot Ethereum and Bitcoin ETFs in the United States, market pundits believe that it is a matter of time before the SEC approves similar products from the altcoin industry. Moreover, there is a genuine high demand for altcoins by institutional investors seeking to diversify their crypto portfolio.</p>
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   <p lang="en" dir="ltr">I am excited to announce that VanEck just filed for the FIRST Solana exchange-traded fund (ETF) in the US. <br><br>Some thoughts on why we believe SOL is a commodity are below.<br><br>Why did we file for it?<br>A competitor to Ethereum, Solana is open-source blockchain software designed to… <a href="https://t.co/XwwPy8BXV2" rel="noopener noreferrer nofollow">pic.twitter.com/XwwPy8BXV2</a></p>— matthew sigel, recovering CFA (@matthew_sigel) <a href="https://twitter.com/matthew_sigel/status/1806313241431138434?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 27, 2024</a>
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<p>According to Sigel, the Solana network has grown into a popular web3 ecosystem with nearly $4 billion in total value locked (TVL). With nearly $4 billion in stablecoins market cap, the Solana network has attracted more web3 developers as shown by its vibrant meme coins.</p>
<p>The recent announcement by the US SEC that it will no longer investigate Ethereum for securities law violations has increased the altcoins’ credibility.&nbsp;</p>
<h2 class="wp-block-heading" id="h-market-implications">Market Implications</h2>
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   <p lang="en" dir="ltr">VanEck filing for a Solana ETF is further proof that altcoins are coming to Wall Street. <br><br>Crypto is helping bring volatility and risk back to public markets.</p>— Pomp <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f32a.png" alt="🌪" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@APompliano) <a href="https://twitter.com/APompliano/status/1806321788156023258?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 27, 2024</a>
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<p>Following the announcement, the SOL price against the US dollar surged more than 9 percent to trade around $149 at the time of this writing. While the final ruling on the Solana ETF will take place in 2025, with a possibility of a new U.S. government, it is now evident that Wall Street is ready for the altcoin industry.</p>

The Real Reason Why VanEck Filed the First Solana ETF in the U.S.

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