Potential Approval for Solana ETFs
There’s a chance that a number of staking-related applications for Solana Exchange-Traded Funds (ETFs) could gain approval in the U.S. by mid-October, as per insights from ETF analyst Nate Geraci.
Geraci expressed optimism in a post on X, stating, “It is approved to speculate on these [within the] next two weeks.” He is the president of Novadius Wealth Management.
He noted that several asset management firms, including Franklin Templeton, Fidelity Investments, Coinshare, Bitwise Asset Management, Grayscale Investment, Vaneck, and Canary Capital, submitted updated S-1 documents for the Spot Solana (SOL) ETF to the U.S. Securities and Exchange Commission (SEC). This S-1 filing provides essential details about a company’s finances, risks, and the securities offered.
Recent Launch of Solana Staking ETF
The first Solana Staking ETF recently made its debut in the U.S., just two months after the Rex-Soprey Solana Staking ETF launched on the Cboe BZX Exchange. On its launch day, it achieved an impressive trading volume of $33 million and saw $12 million in inflows.
With Pantera Capital making waves in the market, they have named Solana as potentially undervalued when compared to Bitcoin (BTC) and Ether (ETH).
Geraci suggested that the upcoming month might be pivotal for the crypto landscape, citing significant recent events like the first filing for a high-profile ETF and the SEC’s approval of a Crypto ETF general-purpose listing standard.
In the spirit of preparing for October, he added more commentary in a follow-up post.
On another note, Hunter Horseley, Chief Investment Officer at Bitwise, mentioned that Europe’s Bitwise Solana Staking ETP witnessed an influx of $60 million during the last five days of trading, arguing that “Solana is in people’s hearts.”
However, analysts from Bitfinex pointed out that altcoins might not experience a substantial rally until further crypto ETF approvals ease investment risks.
Staking Filings Indicates Positive Trends for ETFs
Geraci commented that the recent staking submissions for U.S. ETFs signal a positive direction for spot ETF staking.
Similar thoughts have been echoed by various industry experts. Markus Thielen, from 10x Research, shared with Cointelegraph that the rise in Ethereum ETF staking has boosted yields and “can dramatically rebuild the market.”
As it stands, U.S. ETF issuers are waiting for the SEC to greenlight Ether ETFs that would allow for staking, having applied for multiple permits earlier this year.
