ARK Invest, the investment firm led by Cathie Wood, has made its first direct purchase of Solana (SOL) tokens, underscoring a growing interest from institutional investors in cryptocurrencies.
First Inclusion of Solana Tokens in ARK Invest's Portfolio
According to Solana Floor, ARK Invest made the purchase through SOLQ ETF, a Canada-based fund, marking the first inclusion of SOL assets in the firm's U.S. ETFs such as ARKF and ARKW.
Investment as a Sign of Growing Interest in Blockchain
Launched in Canada earlier this year, the SOLQ ETF allows investors to earn SOL staking yields without trading or managing holdings. ARK's entry into Solana positions it toward proof-of-stake assets, shifting focus from Bitcoin and Ethereum.
Market Reactions to ARK Invest's Investments
Following the announcement, SOL's price has not shown significant movement, rising only a few cents in the last hour. Cathie Wood compared Solana to Ethereum in a January interview, noting its faster and more efficient network. Previously, ARK Invest dropped plans for an Ethereum ETF despite confidence in its long-term value.
ARK Invest's investment in Solana tokens emphasizes the evolving landscape of cryptocurrencies and may prompt other funds to consider Solana for their portfolios.
