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VanEck CEO Rules Out the Approval of a Spot Solana ETF in the US Over the Short Term – Unless This Happens

July 26, 2024

The chief executive of the financial giant VanEck says that a Solana (SOL) exchange-traded fund (ETF) is unlikely to be available anytime soon unless one key event occurs.

In a new interview on CNBC Squawk Box, VanEck CEO Jan van Eck says that he does not expect their application for a SOL ETF to win approval in the near term, even though Ethereum (ETH) ETFs were approved and launched this week.

“We filed for a Solana ETF, and Solana is competing with Ethereum, but I don’t think that’s going to be a short-term listing.”

However, when asked if a SOL ETF would likely get a green light to launch if the Republican Party prevails in the US Presidential election this November, he says yes.

Current US Democratic President Joe Biden and his administration are perceived as being anti-crypto, while Republican presidential nominee and former US president Donald Trump has openly supported crypto.

Says van Eck,

“The parties have really split in terms of their support of blockchain software.”

He also says that VanEck’s Ethereum ETF (ETHV) launch this week went ahead without any problems, but he says investment in the product will not reach the level seen for Bitcoin’s (BTC) ETF.

“Ethereum products have traded around the world for several years now, and the launch was very smooth. I think there were a lot of kinks when it came to the Bitcoin ETFs in January, but now things are going well. Ethereum’s market cap is like a third of Bitcoin’s, and I think investor interest will be less. Today’s flows are in the 10% to 20% range of Bitcoin’s flow, so a lot lower interest.”

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