ETFs
21Shares and VanEck aim to launch Solana ETFs following Bitcoin success
What is happening here?
21Shares and VanEck are preparing to launch Solana-based exchange-traded funds (ETFs), following the success of their Bitcoin ETFs.
What does that mean?
THE cryptocurrency Solana saw its price jump 9.4% after 21Shares and VanEck sought regulatory approval to offer ETFs tied to its spot price. This follows their victory in a long-running battle for SEC approval to launch spot Bitcoin ETFs in January. Alongside Solana, the two companies are also awaiting the green light on Ethereum ETFs. Their plans hinge on the Chicago Board Options Exchange (CBOE) getting regulatory changes to list these new offerings. Insiders suggest the SEC’s decision could come within days or weeks. Meanwhile, Canadian active Manager 3iQ is seeking approval from Ontario regulators to launch a Solana product in the Toronto market. Action Exchange.
Why should I care?
For markets: Solana shines brightly.
Solana’s price has been rising on the back of ETF filings, bucking the declines in bitcoin and ethereum over the same period. If approved, these ETFs could open up new avenues for investment, potentially attracting more capital and spurring further price growth in the cryptocurrency space.
The overview: A change in the crypto landscape.
The launch of spot ETFs for cryptocurrencies other than Bitcoin and Ethereum signals growing acceptance and maturation within the market. As regulatory frameworks evolve and new products emerge, the cryptocurrency market could see increased institutional participation, extending beyond just the major players.