TL;DR
Full Story
Solana ETF coming quickly? Most likely not.
However the market doesn’t care!
SOL jumped rattling close to 10% in an hour after VanEck utilized for a SOL ETF yesterday.
Now, right here’s why we’re being social gathering poopers re: approval timeline…
The street to approval might be going to be an extended and arduous one, as a result of the method of launching a spot SOL trade traded fund (ETF) — the place the acquisition of shares goes in the direction of shopping for Solana, permitting traders to purchase crypto through the inventory market — is gradual.
We outlined it in depth right here, however right here’s a fast recap:
A SOL futures ETF usually must be launched first (permitting traders to guess on the longer term value of Solana, with out truly shopping for it)
The SEC will need to see a 12 months or extra of buying and selling happen there, to ensure its freed from manipulation.
Then the ETF approval can happen.
Now, right here’s why that doesn’t matter to merchants proper now:
A couple of months again, most individuals anticipated the SEC to do their darnedest to ban the sale of SOL within the US (they nonetheless have a lawsuit out in opposition to Coinbase for promoting Solana).
So the concept VanEck is keen to file for a Solana ETF, and probably struggle the SEC in court docket to get it accepted represents an enormous temper change, and offers the market a brand new narrative to purchase in to.
It’s in all probability going to be a drawn out course of, however it’s first step!
