[NEWS] US VanEck files to list first spot Solana ETF in the US

US asset management company VanEck has filed for approval of a  spot Solana (SOL) ETF with the US Securities and Exchange Commission (SEC). The company claims that Solana is a commodity. The spot Solana ETF will track the price of Solana.

"We are pleased to announce that VanEck has filed for the first Solana spot ETF in the US," said Matthew Sigel, head of digital asset research at VanEck, in his post on X.

Regarding the reason for filing for a Solana spot ETF, he first cited the fact that it is a competitor to Ethereum (ETH) and is open-source blockchain software designed to handle a variety of applications, including payments, trading, games, and social interactions.

In other words, if an spot Ethereum ETF is approved, it seems that a spot Solana ETF with equal or greater capabilities will also be approved.

Compared to Ethereum, Solana, which operates as a single global state machine without sharding or Layer 2, is superior in terms of scalability, speed, and low cost, and provides a high level user experience in many use cases.

He argued that Solana is a commodity, just like Bitcoin (BTC) and Ethereum.

Sigel also emphasized that Solana is useful and valuable as a digital product, as it is used for a wide range of applications supported by the Solana ecosystem, from decentralized finance (DeFi) to NFTs.

VanEck believes that Solana's decentralization, high practicality, and economic feasibility are consistent with the characteristics of other digital products, and that it has the potential to become a valuable product with use cases for investors, builders, and entrepreneurs.

Spot Solana ETF to be listed on CBOE

The SEC has approved a Spot Bitcoin ETF and a Spot Ethereum ETF. Spot Ethereum ETF is expected to launch and begin trading in July.

VanEck's S-1 registration statement states that the VanEck Solana Trust will be listed on the CBOE BZX Exchange, Inc. (Chicago Board Options Exchange) and will "hold Solana and value shares daily based on reported Market Vectors™ Solana Benchmark Rates."

The SEC has determined that Bitcoin and Ethereum are effectively commodities rather than securities, but has not made a decision on whether other crypto assets are securities under the SEC's jurisdiction or commodities under the Commodity Futures Trading Commission's (CFTC) jurisdiction.

Reference: Matthew Siegel X / S-1 registration statement
Image: Shutterstock

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