The Solana ETF Craze: Wall Street’s Newest Crypto Fling

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Hold on to your avocado toast, millennials! Volatility Shares just launched two Solana futures-based ETFs in the U.S., making Wall Street look less like boring finance bros and more like edgy crypto enthusiasts. 🤑

“Look, Mom, I’m a Serious Crypto Asset!” – Solana ETFs Make History

Today marks the birth of the first-ever U.S. Solana exchange-traded funds (ETFs, for the uninitiated). And yes, they’re futures-based because apparently, Wall Street loves gambling on tomorrow’s vibes. 🌈

Volatility Shares LLC, a company based in Florida (because of course it’s Florida), proudly announced two Solana ETFs: one for “grown-ups” (Nasdaq: SOLZ) and another for people who like it extra spicy with leverage (Nasdaq: SOLT).

The expense ratios? Oh, just a casual 0.95% for SOLZ and 1.85% for SOLT. Because why not charge folks for their questionable financial decisions? 💸

SEC: The Friend Who Takes Forever to Text Back

If you thought getting your crush to reply was tough, try convincing the SEC to approve anything. 🙄 But Volatility Shares somehow managed to sashay through the regulatory maze in record time after submitting its application in December 2024. Impressive, yet suspiciously fast. 🤔

CEO Justin Young chimed in with his nonchalant genius vibes, saying:

“Our launch comes at a time of renewed optimism for cryptocurrency innovation in the US.” Translation: “We’re riding this crypto wave like it’s spring break and everyone’s cheering us on.”

Pro tip: No word yet on spot Solana ETFs. Apparently, the SEC wants to keep us humble by making us wait like we’re standing in line at Disneyland. 🎢

Reality Check: Institutional Interest (It’s… Meh 🤷‍♀️)

Let’s be real—Bloomberg ETF analyst Eric Balchunas isn’t exactly handing out gold stars. He basically said, “Cute first try, Solana, but the big kids (Bitcoin and Ethereum) still run this playground.” 🏀

“ETF investors crave holding the physical asset as much as possible.” Translation: “Paper assets are like ordering a kale smoothie—you know it’s good for you, but it’s not what you really want.”

Meanwhile, Vetle Lunde over at K33 Research gave a slow golf clap for Solana’s futures trading volume: $12.3 million on day one. For context, when Bitcoin debuted, it flexed $102.7 million. I’m just saying, Solana might want to hit the gym before calling itself a heavyweight. 💪

Also, fun fact: Solana’s open interest hit $8 million, while Bitcoin and Ethereum were chillin’ at over $20 million in their early ETF days. Solana, sweetie, you’re doing amazing, but maybe shoot for those BTC-level numbers next time. 🥺

As of now, Solana’s price is hanging out at $130.22. Not bad, but let’s see if it keeps its act together before the next crypto drama unfolds. 🚀

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2025-03-20 19:07