Ark Invest, led by Cathie Wood, has acquired exposure to Solana through the 3iQ ETF, signaling a rising interest in cryptocurrencies.
Ark Invest and Investments in Solana
Ark Invest has acquired exposure to Solana by investing in the Solana Staking ETF issued by Canadian firm 3iQ and listed on the Toronto Stock Exchange. This decision highlights Ark's continued interest in blockchain technology, leveraging Solana’s speed and low costs compared to Ethereum.
Market Reaction to the Investment
Following the announcement, Solana's price rose by 2.3%, indicating increased speculative investment. Trading volume surged by 32.76%, reflecting heightened investor activity. Ark Invest acquired 975,000 shares, valued at $10.15 million, through its ARKF and ARKW funds.
Impact on DeFi and Solana's Future
Ark's investment may strengthen Solana's market position, especially within the DeFi sector. Future regulatory approvals for Solana ETFs in the U.S. may mirror trends seen with Bitcoin and Ethereum ETFs, potentially catalyzing further price gains for SOL. The involvement of key institutional players underscores the emerging role of Solana in the blockchain ecosystem.
Ark Invest's investments in Solana highlight the growing interest of institutional investors in DeFi and open new prospects for Solana's development in the cryptocurrency market.
