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The popularity of spot Bitcoin ETFs in the United States has been undeniable. And now, VanEck wants to launch another crypto focused ETF.
What’s happening:
- Asset management giant VanEck has filed an official application with the Securities and Exchange Commission to launch an ETF for Solana on a major United States stock exchange
- The new ETF is known as the VanEck Solana Trust and is seeking to initially list on the Cboe exchange
Why it matters:
- If approved, this would be the first ever Solana ETF to be listed in the United States and would offer traditional markets exposure to direct ownership of Solana for the very first time
Going deeper:
- Canadian digital asset management company 3iq recently announced they have applied to list a Solana focused ETF on the Toronto Stock Exchange
- The Solana ecosystem as a whole has been on a tear, with the amount of daily active users growing rapidly and new partnerships with technology giants such as Shopify (NASDAQ: SHOP)
The intrigue:
- Solana also recently announced a partnership with PayPal (NASDAQ: PYPL) to leverage their layer one blockchain for low transactions of PayPal’s stablecoin PYUSD
