VanEck Manager expresses optimism about the approval of Solana ETFs, potentially arriving sooner than expected, despite skepticism from other firms.
Points
- VanEck Manager Matthew Sigel is optimistic about Solana ETFs.
- Solana ETFs could arrive sooner than expected, despite BlackRock’s skepticism.
- VanEck aims to pioneer diverse crypto ETFs in the US market.
- Solana’s strong technological foundation supports the case for ETFs.
While spot Bitcoin and Ethereum ETFs have received approval in the US, the focus has now turned to Solana and other altcoin ETFs. There are differing opinions on this matter, with some analysts believing that no ETFs other than Bitcoin and Ethereum will be approved, while others, like VanEck, anticipate that altcoin ETFs such as Solana, XRP, and Cardano will soon follow.
BlackRock remains skeptical about launching a Solana ETF in the near future. In contrast, VanEck takes an entirely different stance. Matthew Sigel, VanEck’s Head of Digital Assets, recently expressed optimism about Solana ETFs in an interview with Scott Melker, host of The Wolf of All Streets Podcast.
Sigel argued that a multi-ETF basket strategy would be more accurate for investors and said he was optimistic that more crypto ETFs would be approved. He stated, “We disagree with the idea that Bitcoin and Ethereum will be the only ETF. The market in Europe already has a variety of crypto ETPs, including single and diverse token basket options. As VanEck, we aim to pioneer this diversity and innovation in the USA. At this point, you may be surprised that Solana ETFs are coming sooner than you think.”
VanEck was the first company to file for a spot Solana ETF in the US in late June, arguing that regulators had no reason to deny public trading of SOL, similar to BTC and ETH as approved commodities.
Conclusion
The approval of Solana ETFs could fundamentally alter the cryptocurrency landscape, providing new opportunities for investors and increasing the legitimacy of altcoins in the mainstream financial markets. VanEck’s proactive stance and belief in Solana’s technological foundation support the case for Solana ETFs arriving sooner than expected.