“VanEck Files to List First Spot Solana ETF in US”, Investment manager VanEck made a significant move on Thursday by filing to list the first U.S. exchange-traded fund (ETF) linked to the spot price of the cryptocurrency token Solana. This comes several months after receiving regulatory approval for a similar product tied to bitcoin, marking a continued expansion into the crypto ETF market amidst growing investor interest.
Encouraged by the Securities and Exchange Commission’s (SEC) positive stance on spot bitcoin and ether ETFs, asset managers are now actively considering opportunities to diversify their portfolios by including other cryptocurrencies. This shift reflects growing confidence in regulatory acceptance and underscores a broader trend towards expanding investment options in the digital asset space.
The SEC approved spot bitcoin ETFs in January after a decade-long tussle and is expected to greenlight ether ETFs as soon as next week, Reuters reported.
ETFs allow investors exposure to a particular cryptocurrency without having to hold it directly.The cryptocurrency market has drawn interest from major players in traditional finance, such as BlackRock, which currently oversees the largest spot bitcoin ETF.
This involvement from established financial giants highlights a significant shift in the industry’s perception of digital assets, signaling a growing acceptance and integration of cryptocurrencies into mainstream investment strategies.
VanEck, in its filing, did not disclose the fees associated with the new fund, which is set to be listed on the Cboe BZX Exchange. The investment manager already provides spot bitcoin and ether ETFs, further expanding its presence in the cryptocurrency ETF market.
