Optimism Grows for Solana ETF Approval Amidst Changing Market Dynamics
The post Optimism Grows for Solana ETF Approval Amidst Changing Market Dynamics appeared first on Coinpedia Fintech News
As the regulatory and market dynamics change in favor of digital asset products, the launch of a Solana ETF soon seems to be on the horizon.
Equity exchange Cboe BZX on Thursday filed four applications for spot Solana ETFs, with proposals from VanEck, 21Shares, Bitwise Asset Management and Canary Capital. Bloomberg Intelligence ETF analyst James Seyffart noted that, the applications are a significant step forward for the Solana ETF and noted that if the SEC accepts the applications, the final deadline for a decision could be around early August 2025.
SOL ETF Approval Highly Likely: Nate Geraci
Notably, the ETF Store President Nate Geraci voiced optimism about these developments, saying, It appears that the SEC is engaging with issuers regarding this product, which is a positive sign. He believes that its highly likely that Solana ETFs will be approved by the end of next year at the latest.
The optimism around Trump coupled with the news of the resignation of SEC Chairman Gary Gensler effective January 20, 2025, has fueled speculation of a more supportive climate for digital asset innovation.
Recently, Fox Business Eleanor Terrett in a recent X post shared that talks between SEC staff and issuers looking to launch a SOL spot ETF are progressing with the SEC now engaging on S-1 applications.
While the new development suggests higher chances of the product seeing approval in 2025, it does not guarantee that the SEC will give the green light. However, most Solana proponents are confident, considering SEC Chair Genslers exit in January 2025.
Increasing Optimism Around SOL ETF
Notably, Matthew Sigel, VanEcks Head of Digital Asset Research, is also optimistic about the Solana ETF timeline, as he I think theres a very good chance that a Solana ETF will be trading by the end of next year.
Geoffrey Kendrick, global head of digital assets research at Standard Chartered, also said that the approval of a Solana ETF is more likely under a Trump administration.
SOL recently achieved a new all-time high on Friday morning, trading at $264.31 on Coinbase Inc. The token gained 18% over the past week, continuing its strong performance in 2024 with a 160% rise since the start of the year. It currently holds a $123 billion market cap, about 4% of the total crypto market.
Market analysts are optimistic about Solanas continued rise, setting a price target of $400 now that it has surpassed its previous all-time high of $260.
Read more: https://coinpedia.org/news/optimism-grows-for-solana-etf-approval-amidst-changing-market-dynamics/
Text source: Coinpedia – Fintech & Cryptocurreny News Media| Cr
