Following Brazil’s groundbreaking approval of Spot Solana Exchange-Traded Funds (ETFs) last week, Manthan Dave, co-founder of Palisade—a digital asset custody platform backed by Ripple—has expressed his confidence that similar approval for SOL-based funds in the United States could happen by the end of the year.
Are Spot Solana ETFs Coming to the US Soon?
Crypto figure Marty Party, known for his role as a host in the Crypto Traders Club Space, shared Manthan Dave’s projection on X (formerly Twitter). The timing of this prediction aligns with growing enthusiasm for Solana as a leading blockchain platform and increasing calls for more diverse cryptocurrency investment options.
Solana ETF News: The first #Solana spot exchange-traded fund (#ETF) could officially debut for trading on the #Brazilian stock exchange, ahead of all the other global jurisdictions.
The first $SOL spot ETF is currently awaiting approval by the Brazilian stock exchange,… pic.twitter.com/JppH3Ph9Zd
— MartyParty (@martypartymusic) August 15, 2024
Dave emphasized the significance of Brazil’s approval of SOL ETFs, suggesting that the expanding acceptance of crypto assets might encourage US regulators to follow suit. “This development might push the US, the world’s largest economy, to explore Solana-based ETFs,” Dave stated.
Brazil’s favorable stance on crypto isn’t new. The country was ahead of the curve in introducing Ethereum and Bitcoin spot ETFs, years before the US. Brazil also maintains a friendly approach toward crypto investment products in Europe.
Dave believes that US approval of Solana spot ETFs could happen by the end of the year, citing factors like the upcoming US GOP presidential election season and the general market sentiment. “With trading already happening in the German markets, US investors have been vocal about wanting a Solana ETF, and now they could finally get it,” Dave added.
Though optimistic, Dave acknowledged that the exact timing—whether before or after the November elections—remains uncertain. Approval could have a significant impact on the market, especially with the Republican party being seen as more pro-crypto.
A Major Step for Solana and the Crypto Market
If US regulators greenlight the product, it would be a significant milestone for Solana and its growing ecosystem, offering a new way for investors to tap into the blockchain’s progress and market growth.
Brazil’s Lead on Spot Solana ETFs
Brazil’s Securities and Exchange Commission (CVM) has already approved Spot SOL ETFs, which has boosted confidence in Solana’s future within the global crypto industry. With the funds expected to launch in the next 90 days, Brazil may gain an edge over other crypto-friendly nations, including the US.
Interest in these products is also building in the United States. Investment management giant VanEck has filed for the first Spot Solana ETFs with the US Securities and Exchange Commission (SEC), marking a significant step forward.
This application follows the US SEC’s approval of Bitcoin and Ethereum spot ETFs earlier this year, though the agency has yet to issue a response regarding VanEck’s filing for SOL-based funds.
