VanEck Teases the Possibility of Introducing a Spot Solana ETF

Now that the spot Ethereum ETFs have traded for almost a week on Wall Street, investors are keenly eyeing the next crypto ETF and gunning for the second-largest altcoin Solana.

As the dust settles on the highly anticipated launch of spot Ethereum ETFs, which began trading on Wall Street last week, investors are now eagerly awaiting the next crypto ETF, with the second-largest altcoin, Solana, emerging as a prime candidate. Notably, asset management giant VanEck appears to be paving the way for a spot Solana ETF.

During its presence at the Bitcoin conference, VanEck shared a tweet revealing that a substantial number of attendees approached them to inquire about Solana. Interestingly, VanEck had already filed for a Solana ETF in June, prior to the launch of spot Ether ETFs. The recent tweet from VanEck hints at the strong interest in the altcoin, suggesting that liquidity may not pose a significant obstacle for the SEC to approve a Solana ETF.

A surprising amount of people asked us about Solana at our Bitcoin booth

— VanEck (@vaneck_us) July 27, 2024

However, other asset management giants, such as BlackRock, are not particularly enthusiastic about the prospect of more Solana ETFs or other crypto ETFs in the market. Speaking at the Bitcoin Conference, Head of Digital Assets at BlackRock, Robert Mitchnick, stated that the SEC will eventually draw a line somewhere. He highlighted that excluding Ethereum, all other altcoins collectively contribute less than 5% to the total crypto market capitalization. In his view, this statistic does not warrant the approval of more crypto ETFs.

Meanwhile, in a separate development, Solana (SOL) has managed to surpass Binance Coin (BNB) to reclaim the fourth position among cryptocurrencies by market cap. This marks a significant achievement for Solana, which had fallen to seventh place following the coin's price decline earlier this year. The cryptocurrency's strong performance can be attributed to the anticipation of an upcoming NFT marketplace launch by Meta Platforms Inc.

Solana (SOL) Surges Past Binance Coin (BNB) To Reclaim 4th Spot

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