VanEck Executive Says Companys Solana SOL ETF Bets on Trump Winning 2024 Election

CoinDesk reports:
Matthew Sigel, digital asset research head of investment giant VanEck, confirmed that his company’s application for a Solana (SOL) exchange-traded fund (ETF) is a bet on Donald Trump winning the presidential election.
Last week, VanEck submitted an S-1 registration statement to the U.S. Securities and Exchange Commission (SEC), becoming the first company in the U.S. to apply for a SOL ETF.
Bloomberg ETF analyst Eric Balchunas said he believes the application is a “call option on the U.S. presidential election.”
“The knee-jerk reaction here is, ‘Oh, this will never get approved because there are no Solana futures.’ Agreed, but if the U.S. president (POTUS) changes, I think anything is possible. Imagine Hester Peirce (or the like) at the helm of the SEC,” Balchunas said.
Sigel confirmed Balchunas’ speculation on social media platform X on Monday.
Trump recently claimed he would be the “crypto president,” earning support from many stakeholders in the digital asset industry who believe the Biden administration is hostile towards the industry.
However, the former president has not always been a fan of cryptocurrency: reportedly, in May 2018, during his tenure in the Oval Office, he directed then-Treasury Secretary Steven Mnuchin to “go after bitcoin (fraud).”
Three years later, Trump stated in an interview that he owned zero cryptocurrencies and argued that digital assets are “a disaster waiting to happen.”
VanEck’s ETF will be called the VanEck Solana Trust, and if approved, it will be listed on the Cboe BZX Exchange. Fintech company 21Shares also applied for a SOL ETF last week.
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