 ▲ Solana (SOL) |
Last night, there was news that VanEck, a large asset management company and Bitcoin (BTC) spot exchange-traded fund (ETF) operator, submitted an application for Solana (SOL) spot ETF to the U.S. Securities and Exchange Commission (SEC). It heated up the cryptocurrency industry.
Afterwards, market formation agency GSR analyzed the impact of the results of the US presidential election scheduled for November this year on the launch of the Solana spot ETF and the cryptocurrency market.
CoinDesk, a cryptocurrency media outlet, reported that GSR predicted that Donald Trump's presidency could provide additional opportunities for the launch of cryptocurrency spot ETFs excluding Bitcoin and Ethereum (ETH).
GSR raised the possibility that, if Trump is elected in this presidential election, he will revamp his established cryptocurrency spot ETF launch strategy and introduce federally regulated futures trading, which Solana currently does not have.
On the 27th (local time), GSR issued an outlook report stating that the Trump administration could allow the launch of numerous digital asset ETFs. This is why we can expect good news from Solana spot ETF approval.
GSR continued, “If the launch of another digital asset spot ETF is approved in the U.S. market along with preparations for the launch of the Solana spot ETF in the U.S., the impact on the cryptocurrency market price will be the largest of any ETF to date.” reported.
However, GSR also mentioned the possibility that the collapse of Grayscale Solana Trust (GSOL) could act as a variable in the launch of multiple cryptocurrency spot ETFs such as Solana. In this regard, he added that if Grayscale converts GSOL into a spot ETF, a similar situation could unfold as with Grayscale Bitcoin Trust (GBTC).
Meanwhile, on the 27th (local time), a 750% premium was added to GSOL's trading price compared to its net asset value.
