The flood of crypto ETFs has begun, with VanEck’s Solana ETF launching on Monday, and many more ETFs expected to go live over the next week.
VanEck has launched the US’s third exchange-traded fund (ETF) featuring Solana staking, as more altcoin-tied funds are set to enter the market soon.
The VanEck Solana ETF (VSOL) launched on Monday, joining similar funds from Bitwise and Grayscale that debuted late in October and have jointly seen over $380 million in inflows.
Like Bitwise and Grayscale’s ETFs, VSOL offers staking yields, where Solana (SOL) is locked up on the blockchain to earn rewards. It has also waived its 0.3% fee until Feb. 17 or until it reaches $1 billion in assets in a bid to compete.
Asset managers have been flooding the market with crypto ETFs after the Securities and Exchange Commission changed its listing standards in September, allowing for faster approvals that don’t require an assessment of each fund.
Bloomberg ETF analyst Eric Balchunas said on Monday that the Fidelity Solana ETF (FSOL) is set to launch on Tuesday, competing with three existing similar funds that charge a 0.25% fee.
“Easily the biggest asset manager in this category with BlackRock sitting out,” he added.
Dogecoin ETF could launch as soon as Monday
Balchunas said he expects a Dogecoin (DOGE) ETF from Grayscale to launch on Nov. 24, based on an amended regulatory filing earlier this month kicking off a 20-day period where it can launch if the SEC doesn’t respond.
The Grayscale Dogecoin Trust (DOGE) is a conversion from its existing fund and would trade on the New York Stock Exchange, which must still file to list the ETF.
“We’ll see, won’t be 100% till exchange notice, but based on SEC guidance, it looks good,” Balchunas added.
Related: XRP traders hope fresh wave of ETF launches will restore the bull trend
If Grayscale’s fund launches next week, it’ll be the first Dogecoin ETF in the US that will be able to directly hold the memecoin.
Asset issuers REX Shares and Osprey Funds jointly launched a DOGE ETF in mid-September, registered under the Investment Company Act of 1940, which limits its investment to a wholly owned offshore subsidiary that holds the cryptocurrency.
Bitwise could also see its spot Dogecoin ETF launch late next week, after a change in its regulatory filing for the product on Nov. 6 triggered a 20-day launch timer, unless the SEC intervenes.
Magazine: Solana vs Ethereum ETFs, Facebook’s influence on Bitwise — Hunter Horsley
