CoinShares International Limited CNSRF, a Europe-based firm, has become the eighth company to formally file for a spot Solana SOL/USD exchange-traded fund (ETF) with the Securities and Exchange Commission (SEC). The move showcases the growth in institutional confidence in Solana's ecosystem.
After the approval of spot Bitcoin BTC/USD ETFs this year, investors in the crypto space are considering the progress as a possible opening for altcoin ETFs. Solana is trading at $151.61 with a 0.21% price increase on Tuesday.
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CoinShares is looking to capitalize on rising attention over Solana-based investment products with the spot ETF. It has the potential to invite more opportunities for broader market participation, specifically from long-term players interested in diversified exposure in the crypto space.
As regulatory uncertainty fades and traditional finance delves into blockchain networks with more interest, Solana’s incorporation into ETF dialogue highlights a significant move towards mainstream adoption.
More Solana Headlines You Should Know
- Solana founder Anatoly Yakovenko has publicly criticized Cardano’s co-founder, Charles Hoskinson’s plan to shift $100 million Cardano ADA/USD tokens to Bitcoin and stablecoins. Yakovenko said that Bitcoin holdings are not meant for management by the altcoin developers on behalf of users. He recommended focusing on low-risk and safer assets such as short-term U.S. Treasury bills.
Hoskinson sees the move as a long-term strategy to earn yield and notably raise Cardano’s treasury of over $1 billion. He believes the strategy can last up to a decade. His clash of views with Yakovenko highlights the varying ideologies on treasury plans in the blockchain space. - MemeStrategy Inc 2440 has become the first Asian public company to directly invest in Solana. The Hong Kong-based firm has bought 2,440 SOL tokens worth about $377,00.
The purchase took place through OSL Group Limited BCTCF, a Hong Kong-based digital asset exchange. MemeStrategy’s Chairman and CEO, Chen Zhancheng, considers the step a strategic move to capitalize on Solana’s rise in the digital economy. MemeStrategy focuses on benefiting from the platform’s staking-based rewards through the native proof-of-chain framework.
Trading and Technicals
Solana's price action has remained stable. The RSI is valued at 44.21, indicating neutral action. Moving averages largely highlight sell signals. The momentum is currently sitting at 0.08, signalling the lack of clear market movements.
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