VanEck Files Application For First Solana ETF With US SEC

Highlights

VanEck files an application with the US SEC for first Solana ETF.
Matthew Sigel, head of digital asset research for VanEck, says Solana is a commodity like Bitcoin and Ethereum.
SOL price skyrockets over 9% to $149.

Investment management firm VanEck on Thursday said it has filed an application for Solana Trust with the U.S. Securities and Exchange Commission. VanEck has started the process for a Solana exchange-traded fund (ETF), becoming the first to file for Solana in the United States.

VanEck Submits Application For First Solana ETF

In a Form S-1 filing with the U.S. Securities and Exchange Commission on June 27, VanEck submitted an application for registering Solana Trust for an exchange-traded fund tracking the spot price of Solana. If approved, the Solana ETF will be listed on Cboe BZX Exchange.

Matthew Sigel, head of digital asset research for VanEck, also expressed excitement about the first Solana exchange-traded fund (ETF) in the US. “We believe the native token, SOL, functions similarly to other digital commodities such as Bitcoin and Ethereum. It is utilized to pay for transaction fees and computational services on the blockchain. Like ether on the Ethereum network, SOL can be traded on digital asset platforms or used in peer-to-peer transactions”

The filing gets mixed reactions from the community as some argued that Solana is not completely decentralized citing that Solana Foundation and related entities still owns most of SOL supply. Whereas, Ethereum Foundation holds about limited supply of ETH.

Many ETF experts such as Nate Geraci, president of ETF Store, calls the move by VanEck “smart.” Bloomberg ETF analyst James Seyffart said It will be interesting to see if other issuers also follow VanEck and filed for Solana ETF immediately. He added that a Solana ETF may only launch if we have a crypto-friendly administration in the White House.

First SOL ETF filing in the U.S. Will be interesting to see if other issuers immediately follow suit. Early thoughts are that this only has a shot to launch sometime in 2025 if we have a new admin in the White House and SEC. Even then not guaranteed. https://t.co/I1yoWNpdd4

— James Seyffart (@JSeyff) June 27, 2024

Traders responded immediately as SOL price skyrockets over 9% within minutes of the announcement by VanEck. At press time, SOL price is trading at $148. The 24-hour low and high are $134.93 and $148.40, respectively. Furthermore, the trading volume has increased slightly in the last few hours, indicating a rise in interest among traders.

Also Read: Coinbase Files Lawsuit Against SEC, FDIC Over Debanking Crypto Firms

TAGS
VanEck

Recommended
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.