Investment behemoth VanEck has initiated the process of gaining approval for a Solana (SOL) exchange-traded fund (ETF) as per a recent filing with the U.S. Securities and Exchange Commission (SEC).

VanEck has filed an S-1 registration statement with the securities regulator concerning the potential SOL ETF, which is anticipated to be named the VanEck Solana Trust.

If granted the green light by the SEC, VanEck plans to list the SOL ETF on the Cboe BZX Exchange, marking it as the pioneering firm in the United States to seek approval for such an ETF.

Following the filing, the price of Solana experienced a significant surge, jumping from a 24-hour low of $130 to a 24-hour high of $150 at the time of this report, reflecting a notable increase of over 15%.

While spot Bitcoin (BTC) ETFs were given the go-ahead by the SEC earlier this year, approvals for spot Ethereum (ETH) ETFs are anticipated in the near future.

ETF analyst Eric Balchunas from Bloomberg foresees that should former U.S. President Donald Trump triumph over President Joe Biden in the upcoming November election, the application for the SOL ETF is likely to be approved. Trump is perceived to have a more favorable stance towards digital assets compared to Biden.

There seems to be a speculative sentiment that the approval depends on a potential change in the country’s leadership landscape. The idea of Commissioner Hester Peirce, or a similar figure, taking charge of the SEC under a different administration fuels this speculation.

One could interpret this filing as a strategic move linked to the outcome of the presidential election, akin to a call option in the political domain. The reasoning behind VanEck’s initiative in this context seems reasonable, given the uncertainty and dynamics at play.

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