Global ETF giant VanEck plans to offer a Solana (CRYPTO: SOL) exchange-traded (ETF) fund in Germany.
What Happened: According to a report from Blockworks, VanEck plans to launch a Solana ETF. VanEck already has a Bitcoin (CRYPTO: BTC) Tracker Fund.
The ETF and mutual fund manager has reportedly been paying close attention to Solana’s rapid growth over the past few months.
“The idea that you could get 50,000 transactions per second, which would rival Nasdaq, opens up the potential to just securitize any number of existing assets, tokenize them and trade them in parallel using the Solana network,” said Matthew Sigel, VanEck’s head of digital assets research, to Blockworks last month.
Solana was down by more than 12% over the past 24-hours, dropping to a price of $138 as extended sell pressure persisted across the wider crypto market on Monday.
However, the high-speed Proof-of-Stake token has emerged as an institutional favorite over the past few weeks evidenced by the massive inflows to Solana investment products.
Earlier this month, Solana led the weekly inflows from institutions recording $49.5 million in just one week. According to the most recent data from CoinShares, institutional funds now hold $97 million worth of Solana investment products.
Photo: Werner Du plessis on Unsplash