VanEck’s head of digital assets research, Matthew Sigel, has stated that the company’s filing for a Solana (SOL) exchange-traded fund (ETF) is a speculative move betting on Donald Trump winning the presidency.
Last week, VanEck became the first US company to file for a SOL ETF by submitting an S-1 registration statement to the Securities and Exchange Commission (SEC).
Bloomberg ETF analyst Eric Balchunas described the filing as “a call option on the POTUS election.” He suggested that a change in presidency could open up possibilities for the approval of the ETF.
Sigel confirmed Balchunas’ speculation on the social media platform X on Monday. Trump’s recent claim to be “the crypto president” has garnered support from digital asset stakeholders who perceive the Biden Administration as unfriendly towards the sector.
Despite this, Trump has not always been supportive of crypto. In May 2018, while in the Oval Office, he reportedly directed then-Treasury Secretary Steven Mnuchin to “go after Bitcoin [for fraud].” Three years later, Trump stated in an interview that he owned zero cryptocurrencies, expressing concerns about digital assets being “a disaster waiting to happen.”
If approved, VanEck’s ETF, to be called the VanEck Solana Trust, would be listed on the Cboe BZX Exchange. Fintech firm 21Shares also filed for a SOL ETF last week.
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