There has been speculation about a possible Solana (SOL) Spot Exchange-Traded Fund (ETF) for some time, especially after the success of the Bitcoin (BTC) and Ethereum (ETH) funds. This speculation seems to be getting closer to reality now that both asset managers 21Shares and VanEck have submitted applications to the American stock exchange Cboe BZX Exchange.
These developments are in line with a broader trend in which several financial institutions, such as Bitwise and Canary Capital, have taken steps towards Solana ETFs. The applications are currently under review by the US Securities and Exchange Commission (SEC). Once exchanges have properly filed the necessary 19b-4 forms, an official 240-day review period will begin. While approval is not guaranteed, there is optimism among analysts due to the expected crypto-friendly stance of incoming President Donald Trump.
Brazil already offers an international example. In August 2024, two Solana ETF products were approved there. One of these products, QSOL11, achieved an impressive volume of over $2.75 million on its first day of trading.
New all-time high
Meanwhile, Solana is showing impressive market momentum. On November 22, 2024, SOL’s value broke its 2021 all-time high (ATH) for the first time, after rising nearly 70% since the beginning of this month. If the Solana ETF applications are approved in the US, it could provide additional momentum and take the digital currency to even greater heights.
DeFi in trek
With this growth, the Solana network is also quickly gaining ground in the world of decentralized finance (DeFi). According to analytics platform DeFiLlama, Solana has now captured 36% of the market share of decentralized exchanges (DEXs). Additionally, the total value locked in Solana’s DeFi protocols has grown 500% this year, from $1.4 billion to $8.4 billion. These impressive figures underline that Solana is becoming an increasingly strong competitor for Ethereum.
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Source: https://newsbit.nl/solana-etf-extreem-dichtbij-na-aanvragen-vaneck-en-21shares/
