VanEck Executive Says Firm’s Solana (SOL) ETF Filing a Bet on Trump Winning 2024 Elections

Matthew Sigel, the head of digital assets research at investment giant VanEck, has confirmed that his firm’s Solana (SOL) exchange-traded fund (ETF) filing is a bet on Donald Trump winning the presidency.

VanEck became the first company in the United States to file for a SOL ETF when it submitted an S-1 registration statement to the Securities and Exchange Commission (SEC) last week.

Bloomberg ETF analyst Eric Balchunas said he thought the filing was “a call option on the POTUS election.”

“The knee-jerk reaction here is: ‘oh, this will never be approved because there aren’t Solana futures.’ Agree, but if [there’s a] change at POTUS (President of the United States) I think anything [is] possible. Just imagine [Commissioner on the SEC] Hester Peirce (or someone like that) running the SEC.” 

Sigel confirmed Balchunas’ speculation on the social media platform X on Monday.

Trump’s recent claims he will serve as “the crypto president” have earned him the support of numerous digital asset stakeholders who perceive the Biden Administration as having been hostile towards the sector.

The former president has not always been a fan of crypto, however: In May 2018, while serving in the Oval Office, he reportedly directed then-Treasury Secretary Steven Mnuchin to “go after Bitcoin [for fraud].”

Three years later, Trump said in an interview that he owned zero cryptocurrencies, arguing that digital assets were “a disaster waiting to happen.”

VanEck’s ETF, which would be called the VanEck Solana Trust, would be listed on the Cboe BZX Exchange if it’s approved. The fintech firm 21Shares also filed for a SOL ETF last week.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney



Source Link

0 Comments

Leave a Comment