Asset manager VanEck’s filing for the first Solana (SOL) exchange-traded fund (ETF) in the US has sparked a 6% surge in SOL’s price, pushing it to $148. This follows close on the heels of a similar Solana ETF launch in Canada. The SEC’s approval of the first spot Bitcoin ETF and the anticipated approval of an Ether ETF signals a growing trend in crypto investment products.
Analysts forecast that ETH ETFs could draw $5 billion within the first five months, driven largely by independent investment advisors and broker-dealer platforms. However, the absence of staking rewards might dampen the allure of these spot ETFs for some investors.
In the bitcoin mining sector, CleanSpark has announced an all-stock acquisition of GRIID Infrastructure valued at $155 million. Following the news, GRIID’s shares plummeted by over 50%, while CleanSpark’s shares saw a nearly 4% increase, indicating the market views the acquisition as a distressed sale. This deal comes amid heightened M&A activity in the bitcoin mining industry post-halving.
Meanwhile, in the first general debate of the 2024 US presidential election, crypto failed to make an appearance. The discussion barely grazed technology policy, leaving the digital assets industry out of the spotlight.
