VanEck Files for a Spot Solana ETF, Signaling Potential Mainstream Adoption of SOL

VanEck, one of the largest asset management firms, has registered a spot Solana ETF in Delaware, signaling potential mainstream adoption of the Solana

Asset management firm VanEck has filed for a spot Solana (SOL) ETF, according to a recent Form 8A. The firm is known for registering some of the largest crypto ETFs in the U.S.

This move could signal the potential integration of Solana into the traditional finance landscape.

It could also enhance Solana’s legitimacy and accessibility to millions of traditional investors who are interested in diversifying their portfolios with cryptocurrencies.

Solana price dropped drastically

Solana price continues to bleed in the recent market sell-off, which follows Trump’s “not that much interesting” crypto reserve plan and Bitcoin’s heating up in the ETF lane.

While Bitcoin, Ethereum, and XRP encountered declines of around 5%, SOL witnessed a steeper fall. It is currently trading below the $120 level, with a 10% decrease in the past 24 hours.

At the time of writing, SOL is changing hands at $116.78, and it boasts a market cap of $59.44 billion, according to data from CoinMarketCap.

Since reaching its all-time high of $294.33 on January 19, SOL has been on a downward trajectory, not to mention the drastic volatility it faced. It has now lost more than 60% of its peak value.

Solana price drop coincides with Bitcoin price

The recent downturn in SOL’s price comes amid a broader selloff in the crypto market. Bitcoin price fell below the $80k handle and is now trading at pre-U.S. election levels.

Recently, there has been significant discussion and impact from the token unlocking news on the market price of SOL in the past month.

Following the approval of Bitcoin and Ethereum spot ETFs, Solana is a strong contender for a spot ETF, alongside XRP.

Since the approval of the first Bitcoin ETFs in January 2024, the door has opened for traditional investors to gain exposure to crypto assets.

Now, as Ethereum has also secured ETF approval, several leading cryptocurrencies are pursuing approval to be available for trading on the traditional stock markets.