Matthew Siegel, head of digital asset research at investment giant VanEck, says the company’s Solana (SOL) exchange-traded fund (ETF) filing is a bet that Donald Trump will win the presidency.
VanEck became the first U.S. company to file an SOL ETF application last week, filing an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC).
Bloomberg ETF analyst Eric Balchunas said he thinks the report is a “call option on the POTUS election.”
“The knee-jerk reaction here is, ‘Oh, this will never get approved, because there’s no Solana gift.’ I agree, but if there’s a change in POTUS, I think anything is possible. Imagine if (SEC Commissioner) Hester Pierce (or someone like that) ran the SEC.”
Siegel confirmed Balchunas’ speculation on social media platform X on Monday.
President Trump’s recent assertion that he would serve as a “crypto president” has earned support from many digital asset stakeholders who perceive the Biden administration as being hostile to the sector.
But the former president wasn’t always a fan of cryptocurrencies. In May 2018, while working in the Oval Office, he reportedly told then-Treasury Secretary Steven Mnuchin to “go after Bitcoin (the scam).”
Three years later, Trump said in an interview that he did not own any cryptocurrency and that digital assets were a “disaster waiting to happen.”
VanEck’s ETF, called the VanEck Solana Trust, would be listed on the Cboe BZX exchange if approved. Fintech firm 21Shares also filed for a SOL ETF last week.
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