The SEC’s filing cabinet has to be pretty full these days, and their ‘paperwork pending’ stack is getting perilously high.
Invesco Ltd and Galaxy Digital LP combined forces to offer another Solana-based exchange-traded fund (ETF). They filed the appropriate paperwork with the SEC and joined at least 12 other potential spot and future ETFs on the SEC to rule on their status.
The competition for the leading $SOL ETF takes place at the most visible end of the crypto ecosystem. Far lower down, there’s a different race on, with Snorter poised to corner the market in the fast-paced world of Solana meme coins on Telegram.
It’s two ends of the same spectrum and speaks to the growing strength and versatility of the Solana ecosystem.
Invesco Galaxy Solana ETF Ready to List
Why the race for a Solana ETF? Partly because of the tremendous success of Bitcoin and Ethereum ETFs:
- $IBIT: iShares Bitcoin Trust, $70.6B Assets Under Management (AUM)
- $FBTC: Fidelity Wise Origin Bitcoin Fund, $20.4B AUM
- $GBTC: Grayscale Bitcoin Trust, $19.6B AUM
- $ETHA: iShares Ethereum Trust, $3.9B AUM
- $ETHE: Grayscale Ethereum Trust, $2.8B AUM
It’s no surprise that more players are ready to enter the game, particularly as the realms of traditional finance (TradFi) and decentralized finance (DeFi) move ever-closer together.
Only $BTC and $ETH currently have single-asset crypto ETFs, but the pile of pending filings includes everything from $XRP to $SOL to the first-ever NFT ETF, with Pudgy Penguins ($PENGU).
And with single-asset crypto ETFs rolling along, institutions aren’t waiting around for the SEC. They’ve already started to move towards multi-asset ETFs.
Converting Existing Funds to Multi-Asset ETFs
One of the holdups so far has been that the SEC lacks a clear set of rules around crypto ETFs, even after the $BTC and $ETH approvals went ahead. The question now is, will the SEC hold approvals until they draw up new rules? Or will they approve first and develop the rule set as they go?
There is some time pressure at work here. Grayscale wants to convert its Digital Large Cap Fund (GDLC) to an ETF, and the deadline for that is July 2. That fund already holds a number of crypto assets, including $XRP, $SOL, and $ADA.
If the conversion is approved, look for others to follow. Investment managers from Bitwise to Hasdex have plans to convert other funds to multi-asset ETFs that include cryptos.
The funds sit at the top of the financial and investment world, and every one that gets approved boosts Solana’s long-term outlook just slightly. But much, much farther down, there’s another reason to be excited for Solana.
The frenetic, fast-paced world of Solana meme coin trading just got a tool that could bring much-needed clarity and make finding those 10x or 100x opportunities much easier.
Snorter Token ($SNORT) – One Bot to Rule Them All for Meme Coin Trading on Telegram
What do you need to find and trade memes on Telegram? You need:
- Lightning-fast transactions and swaps
- Automated sniping, to get in and out at the right time
- Protection from rug pulls, honeypots, and front-running trades
Thankfully, traders now have Snorter Bot, the meme coin-styled trading bot designed specifically for trading low-cap Solana memes on Telegram.
The $SNORT token powers the bot, providing for rapid trade execution and the lowest fees possible. The project’s presale has already raised nearly $1.3M in a few weeks, indicating broad support.
The roadmap includes launching the bot on Solana but expanding to EVM-compatible chains post-launch.
In the meantime, the plans feature a token bridge and a built-in Telegram dashboard. No more avoiding Telegram tokens; traders can dive in with confidence with Snorter.
Visit the Snorter website to learn more.
Solana ETFs Mark the Next Stage of Crypto Adoption
As plans proceed, even the rate of ETF filings indicates just how fast crypto adoption is moving.
From Wall Street boardrooms to Telegram chats, Solana is becoming increasingly accessible to investors of every stripe.
Keep an eye on Snorter, and another on the broader Solana ecosystem.
But remember – always do your own research. This isn’t financial advice.
