In a move that marked further adoption of crypto by institutional investors, Cathie Wood’s Ark Invest was the first to purchase Solana’s Native Token (SOL) directly.
According to Tweet From Solana Floor, the investment company was purchased through Solq ETF, a Canada-based staking fund.
The investment marks the first time Sol Holdings is inclusion in ARK’s US-based ETFs, such as ARKF and ARKW. It also serves as further evidence of a growing institutional interest in blockchain.
Kathy Wood’s move is Solana’s groundbreaking event
Launched in Canada earlier this year, the SOLQ ETF allows investors to earn Sol Staking yields without having to trade or manage their holdings. This is an attractive benefit for many. Ark’s entry into Solana via Solq represents a significant pivot towards stored assets after previously focusing on Bitcoin and Ethereum.
The investment by the Cathie Wood company shows signs that it will ease restrictive oversight, particularly on Crypto ETFs, which could encourage more US-based funds to follow suit.
As the US SEC has not yet approved the US Spot Solana ETF, many fund managers may consider Canadian SOLQ as a viable alternative. Thanks to a 40% increase in developer activity per year, rapid transaction speeds, and far lower fees than Ethereum, Solana has established itself as one of the best performing blockchains.
Cathie Wood’s ARK Investment coincides with the period of SOL’s rising price transfer. According to current data from Coingecko, the tokens have won 29.5% over the last 14 days.
Immediate market response
Following the announcement, Sol’s prices have yet to show any major changes, and at the time of writing it has only risen a few cents in the final hour. In an interview with Cathie Wood on CNBC in January 2024 It will be compared From Solana to Ethereum, we call it a faster, more efficient network.
Previously, U.Today reported that Ark Invest had deleted plans to launch the Ethereum ETF despite expressing strong confidence in the long-term value of Ether.
This new Solana investment demonstrates Kathy Wood’s belief in Sol’s long-term value beyond speculative trading, making it a strategic addition to her company’s innovation-centric portfolio.
