Solana Surges 12% Since VanEck SOL ETF Filing
Solana (SOL) has surged around 12% in the last seven days following VanEck’s recent filing for a spot Solana exchange-traded fund (ETF).
VanEck, known for being one of the pioneering issuers of Bitcoin ETFs, aims to offer investors direct exposure to SOL, sparking renewed interest and significant price gains in the asset.
Ryan Lee, chief analyst at Bitget Research, said, data shows that on June 27, driven by the first Solana ETF application from VanEck, the SOL ecosystem saw a collective rise, with the entire sector up nearly 9% in 24 hours and the number of traders increasing by 30%.
Triggered by Solana several Solana Memecoins also led in gains, such as BOME, which rose 15% with an 80% increase in traders, and WEN, which rose 15.5% with a 25% increase in traders.
In Europe, there are several Solana exchange-traded products already actively trading on exchanges. CoinShares has a Coinshares Physical Staked Solana ETN that tracks the Solana index. 21Shares Solana Staking ETP.
In March, Figment Europe Ltd, a provider of institutional staking infrastructure, and Apex Group listed the “Figment Solana Plus Staking Rewards” ETP will trade under the ticker “SOLF.”
According to Bitget analyst Lee, SOL may become the third major crypto asset after BTC and ETH if it is to have ts ETF, thanks to its recent growth.
“Solana’s DeFi ecosystem has grown rapidly, with total TVL rising from approximately $1.3 billion at the beginning of 2024 to about $4.5 billion currently, an increase of about 346%,” said Lee.
Bitget Research attributes this growth to the concentrated launch of Solana ecosystem projects, including JITO, Jupiter, Kamino, Marginfi, and Drift. “These projects have greatly enriched the Solana ecosystem, bringing more DeFi features
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