TL;DR
Full Story
Solana ETF coming soon? Probably not.
But the market doesn’t care!
SOL jumped damn near 10% in an hour after VanEck applied for a SOL ETF yesterday.
Now, here’s why we’re being party poopers re: approval timeline…
The road to approval is probably going to be a long and arduous one, because the process of launching a spot SOL exchange traded fund (ETF) — where the purchase of shares goes towards buying Solana, allowing investors to buy crypto via the stock market — is slow.
We outlined it in depth here, but here’s a quick recap:
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A SOL futures ETF typically needs to be launched first (allowing investors to bet on the future price of Solana, without actually buying it)
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The SEC will want to see a year or more of trading take place there, to make sure its free of manipulation.
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Then the ETF approval can take place.
Now, here’s why that doesn’t matter to traders right now:
A few months back, most people expected the SEC to do their darnedest to ban the sale of SOL in the US (they still have a lawsuit out against Coinbase for selling Solana).
So the idea that VanEck is willing to file for a Solana ETF, and potentially fight the SEC in court to get it approved represents a massive mood change, and gives the market a new narrative to buy in to.
It’s probably going to be a drawn out process, but it’s a good first step!
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