According to breaking information, giant asset management company VanEck has applied to the SEC for the Solana ETF.
After Bitcoin (BTC) and Ethereum (ETH), VanEck also applied for an ETF for SOL.
While VanEck argued in its application to the SEC that Solana was a commodity; The SEC claimed that SOL was a security in many lawsuits it filed before.
VanEck Digital assets research head Matthew Sigel pointed out in his post that Solana is a product that provides a better user experience than Ethereum and said:
“I am excited to announce that VanEck has filed for the first Solana ETF in the US.
Solana, a competitor to Ethereum, is an open-source blockchain software designed to manage a variety of applications including payments, commerce, gaming, and social interactions.
Why does SOL support Bitcoin, Ethereum, etc. We believe there is a commodity like?
We believe that the native token SOL works similarly to other digital commodities such as BTC and ETH. It is used 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.”
I am excited to announce that VanEck just filed for the FIRST Solana exchange-traded fund (ETF) in the US.
Some thoughts on why we believe SOL is a commodity are below.
Why did we file for it?
A competitor to Ethereum, Solana is open-source blockchain software designed to… pic.twitter.com/XwwPy8BXV2— matthew sigel, recovering CFA (@matthew_sigel) June 27, 2024
While SOL is shown as an ETF candidate after Ethereum ETF approval, many companies such as VanEck may apply for SOL ETF in the coming days.
For now, it is nothing more than a guess as to whether the SEC will approve the SOL ETF.
After the news, the price of SOL experienced a big jump.
*This is not investment advice.
