SOL ETF

Solana

Solana ETF bids have started to trickle in at the SEC as Wall Street is abuzz with cryptocurrency talk and the digital asset regulatory scene shifts course.
Following VanEck’s punt for a Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="noopener noreferrer nofollow">SOL</a>) Trust, fellow wealth manager 21Shares has filed its “21Shares Core Solana ETF” with the Securities and Exchange Commission (SEC), documents <a href="https://www.sec.gov/Archives/edgar/data/2028834/000121390024057001/ea0208625-s1_21shares.htm" target="_blank" rel="noopener noreferrer nofollow">submitted</a> on Friday showed. Both filings notably removed crypto staking from bids, a common decision for crypto-backed ETFs lately.
The 21Shares spot Solana ETF application is the second of its kind, as SOL has taken centerstage during this cycle alongside heavy hitters like Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) and Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>).&nbsp;After successful Bitcoin ETF and forthcoming Ethereum ETF approvals, SOL has made the rounds as the next cryptocurrency to assume the exchange-traded fund wrapper used to attract institutional capital.&nbsp;
Despite the hype, experts, and industry leaders, like Wintermute CEO <a href="https://x.com/EvgenyGaevoy/status/1806324062639063122" target="_blank" rel="noopener noreferrer nofollow">Evgeny Gaevoy</a>, argue that bringing spot SOL ETFs to market will be nearly impossible until at least next year.&nbsp;Gaevoy also predicted that low capital inflows into spot ETH ETFs might discourage investors from buying another crypto investment product.&nbsp;
You might also like: <a href="https://crypto.news/solana-jumps-8-as-vaneck-files-first-sol-etf-bid/" rel="noopener noreferrer nofollow"> Solana jumps 8% as VanEck files first SOL ETF bid </a>
<h2 class="wp-block-heading" id="solana-etf-issuers-chant-sol-commodity-status">Solana ETF issuers chant SOL commodity status</h2>
Classifying Solana’s native token as a commodity instead of a security has been a shared theme among spot SOL ETF filings thus far. The strategy and underlying thesis for SOL-backed funds mirror the pathway followed by would-be spot <a href="https://crypto.news/?s=Ethereum+ETF" target="_blank" rel="noopener noreferrer nofollow">Ethereum ETF</a> issuers.&nbsp;
On June 27, VanEck’s head of digital assets research, Matthew Sigel, <a href="https://crypto.news/solana-jumps-8-as-vaneck-files-first-sol-etf-bid/" target="_blank" rel="noopener noreferrer nofollow">wrote</a> that SOL functions similarly to other digital commodities like Bitcoin and Ether as a transaction fee facility and payment currency for blockchain computational services.&nbsp;
Additionally, Sigel posited that no single entity or intermediary controls the SOL network, further solidifying its decentralized framework and commodity status.&nbsp;“The broad range of applications and services supported by the SOL ecosystem, from decentralized finance (defi) to NFTs, underscores SOL’s utility and value as a digital commodity,” per Sigel.&nbsp;
Read more: <a href="https://crypto.news/strategic-move-or-reckless-optimism-the-first-application-for-solana-etf-filed-in-the-us/" rel="noopener noreferrer nofollow"> Strategic move or reckless optimism? The first application for Solana ETF filed in the US </a>

21Shares files spot Solana ETF with SEC

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