US Securities and Exchange Commission (SEC) contemplating potential approval of a Solana Exchange-Traded Fund (ETF) proposed by CoinShares, with likelihood estimated at 90%.
Lively Lowdown on the Solana ETF:
Looks like CoinShares has maverick moves in the bag, filing papers for the Solana ETF Trust, hinting at a possible SEC filing. This development comes on the heels of the SEC's recent call for Solana ETF aspirants to update their S-1 forms, following the latest progress in Solana ETF approval in the US.
A slew of firms, including Grayscale, Fidelity, VanEck, 21Shares, and Bitwise, have thrown their hats in the ring, filing for spot Solana ETFs as institutional clients clamor for a piece of the action. The SEC's main concerns revolve around in-kind redemptions and staking mechanisms 1.
Bloomberg's Eric Balchunas anticipates Solana ETFs might secure the green light from the SEC within a couple of months, boasting a solid 90% chance of approval 2. Meanwhile, Solana's token price is pumped, trading at $166, with a bullish surge eyeing the $200 psychological level 4. If SOL prices manage to breach the $200 mark, popular analyst Ali Martinez forecasts a whopping 5x to 10x bull run 4.
Breaking Down the Timeline for Solana ETF Approval:
As things stand, the SEC is shoulder-deep in reviewing Solana ETF applications, zeroing in on key elements like in-kind redemptions and staking mechanisms. Experts expect the SEC to cast its verdict within 30 days 35. With the SEC's accelerated review process in full swing, approval might be served up sooner, possibly by July 2025 25.
The Heads Behind the Scene:
The Solana ETF race has attracted some heavy hitters, with Invesco, Galaxy Digital, Fidelity, Franklin Templeton, VanEck, Bitwise, Canary Capital, 21Shares, and Grayscale vying for a spot at the starting line. Although many are tight-lipped, the buzz surrounding this potential approval is hard to ignore 1.
What's at Stake?:
If the SEC gives the Solana ETF a thumbs-up, mainstream investors will be given a golden ticket to shimmy into Solana's realm, possibly setting off a chain reaction of increased demand and skyrocketing prices—even touching $300 5. So buckle up, y'all! It's going to be a wild ride!
In the world of finance and technology, multiple firms like Grayscale, Fidelity, VanEck, 21Shares, and Bitwise are pursuing Solana ETFs to cater to institutional investors. The Solana ETF Trust, proposed by CoinShares, could be the next to potentially receive SEC approval. If the SEC approves, investors will gain greater access to Solana through exchange-traded funds, potentially causing a surge in demand and pushing Solana's token price towards $300. The race for Solana ETF approval has seen the participation of heavyweights like Invesco, Galaxy Digital, Fidelity, Franklin Templeton, among others.
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