VanEck turns to Solana to help make crypto ETF dreams come true

The investment fund management company VanEck has decided to capitalize on the enthusiasm for the “Solana Summer” by trying to offer Solana Exchange Traded Funds (ETF) in Germany.

First Bitcoin, then Ethereum and now Solana

The company has long wanted to venture into the crypto space. It had previously made several unsuccessful attempts to launch Bitcoin or Ethereum ETFs and is currently offering a Bitcoin tracker fund to allow US investors and qualified offshore clients direct crypto exposure.

VanEck’s Head of Digital Assets Research, Matthew Sigel, had spoken last month about considering Layer 1 smart contract platforms other than Ethereum. He had explicitly pointed this out to Solana because of the lower transaction prices and faster throughput.

“The idea that you could get 50,000 transactions per second, which would compete with the Nasdaq, opens up the potential to easily securitize, tokenize and trade any number of existing assets in parallel over the Solana network.”

Keep coming back to Bitcoin

The investment firm tried to get into crypto back in 2017 when it applied for a Bitcoin ETF in the US. However, after fierce opposition from the Securities and Exchanges Commission (SEC), VanEck withdrew his application.

Last week, the company decided to try again and filed a prospectus with the SEC for a BTC strategy ETF with exposure to bitcoin futures and other investment vehicles.

With SEC chairman Gary Gensler hinting at some point soon to approve an ETF, the agency recently saw an onslaught of ETF product filings.

The comments from Gabor Gurbacs, the company’s director of digital assets strategy, suggest a likely positive outcome for the team.

“In 2017 VanEck was the first to apply for a Bitcoin futures ETF. We are committed to launching a Bitcoin ETF. The futures markets have matured significantly since 2017. “

However, the SEC has yet to approve one of the several ETF filings pending on its desk.

The Ethereum Efforts

The SEC has been playing hard for a while, which has resulted in many ETF applicants being dropped out of the process. And not just for Bitcoin ETFs. In August VanEck had the paperwork for one himself Ethereum Futures ETF. However, the application was withdrawn a few days later. Although VanEck has maintained complete radio silence about its decision to withdraw, it seems clear that the SEC is still not in the mood to accommodate ETF inquiries. As a result, the U.S. crypto community is losing hope of having a U.S.-listed ETF.

Disclaimer: This article is for informational purposes only. It is not offered or used as legal, tax, investment, financial or other advice.

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