Breaking: 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.
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