Investment giant VanEck has filed for approval of a spot Solana (SOL) exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). In a recent filing, VanEck submitted an S-1 registration statement for the SOL ETF, which would be known as the VanEck Solana Trust. If approved by the SEC, the ETF would be listed on the Cboe BZX Exchange. Following the filing, Solana’s price experienced a significant increase, rising from $130 to $150 in a 24-hour period. The SEC has previously approved spot Bitcoin (BTC) ETFs and is expected to approve spot Ethereum (ETH) ETFs soon. Bloomberg ETF analyst Eric Balchunas believes that if former US President Donald Trump wins the upcoming election, the application for the SOL ETF is likely to be approved, as Trump is seen as more supportive of digital assets than President Joe Biden. Despite the lack of Solana futures, Balchunas sees the filing as a call option on the election outcome. Investors are advised to conduct thorough research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets.
