BlackRock vs VanEck: Solana ETF Takes Center Stage In This Epic Battle
Highlights
- Solana ETFs are coming sooner than many thing, Said VanEck's Matthew Sigel.
- Sigel is positive on the regulatory devlopment in the US crypto market which will open gates for more crypto ETFs.
- SEC Commissioner Hester Pierce said that a Solana ETF would require moe convincing going ahead.
While on one hand, BlackRock executives are stressing about not pursuing crypto ETFs, VanEck is taking a completely opposite stand. VanEck’s Head of Digital Assets Matthew Sigel recently stated that the Solana ETFs could be sooner than everyone expects.
Solana ETFs Coming Soon
During his recent interview with Scott Melker, the host of The Wolf of All Streets Podcast, Sigel stated that SOL ETFs are coming to Wall Street and could surprise everyone thinking otherwise. Although the BlackRock Ethereum ETF is doing well after launch, its executives are not sure about getting more crypto ETFs in the market.
A day before BlackRock CIO Samara Cohen said that there’s no major appetite for Solana ETF in the market. However, VanEck believes that this is not true. Countering the skepticism among industry players, Sigel said:
“We disagree with the notion that Bitcoin and Ethereum will be the only ETFs. The market in Europe already boasts a variety of crypto ETPs, including single coin and basket options, and we aim to lead this innovation in the U.S. as well.”
The VanEck Digital Asset head said that he’s optimistic about the regulatory changes ahead which can open the door for more crypto ETFs. SEC’s recent amendment in the Binance lawsuit that removes 10 altcoins from the third-party securities list, has sparked optimism among market players.
On the other hand, crypto-friendly SEC commissioner Hester Pierce said that it might take some more convincing before the SOL ETF hits the market.
Despite talking about some necessary diversification in the crypto ETFs market, Sigel expressed doubts that a multi-basket would ever work.
Also Read: FOMC Update: Fed Chair Signals September Rate Cut
Will the ETF come ahead in 2024?
While players like VanEck have been pushing for a Solana ETF, the likelihood of it coming this year seems to be bleak considering we have the US elections going ahead. Furthermore, Solana contributes to only 3.3% of the overall crypto market cap which would make the SEC think about whether the altcoin is able to satisfy the liquidity and price manipulation requirements, that are necessary for the ETF.
The Solana price is facing further selling pressure down by 6.7% at press time and slipping under $170 levels. analysts are already expecting SOL to cross $200 by the year-end.
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