VanEck the Investment Giant Sparks Slight Rise in SOL Price with Application for Trading Fund on Solana Exchange

According to a new filing submitted to the U.S. Securities and Exchange Commission (SEC), investment giant VanEck is seeking approval for a spot Solana (SOL) exchange-traded fund (ETF).
On Thursday, the company submitted an S-1 registration statement related to the SOL ETF to the securities regulator, which will be called VanEck Solana Trust.
VanEck is the first U.S. company to apply for a SOL ETF and stated that if it receives approval from the SEC, the company will list it on the Cboe BZX Exchange.
Following the application, the price of Solana surged from a 24-hour low of $130 to a 24-hour high of $150 at the time of writing, representing a gain of over 15%.
Earlier this year, the SEC approved a Bitcoin (BTC) spot ETF and stated that an Ethereum (ETH) spot ETF will soon receive approval.
Bloomberg ETF analyst Eric Balchunas predicts that if former U.S. President Donald Trump defeats President Joe Biden in the November elections, the application may be approved. Trump is considered more supportive of digital assets than Biden.
“The knee-jerk reaction here is, ‘Oh, this will never get approved because there are no Solana futures.’ Agreed, but if the president changes, I think anything is possible. Imagine (SEC Commissioner) Hester Peirce (or someone similar) running the SEC… I think this is a play on the presidential election… I don’t blame them. Why not?”
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