Solana

United

Spot

ETF provider VanEck investment company has filed to list the first SOL-based Exchange Traded Fund (ETF) in the United States. This step makes the fund manager one of the leading providers of cryptocurrency investment products, considering that the company had already received the green light regarding Bitcoin and Ethereum spot ETFs. 
Regulatory Context and Market Implications 
The proposed VanEck Solana Trust aims to list on the Cboe BZX Exchange, where it will hold SOL and determine its share values daily using the MarketVectorTM Solana Benchmark Rate.&nbsp; 
Matthew Sigel, head of digital assets research at VanEck, expressed his enthusiasm about the filing on X, highlighting SOL’s potential as a commodity. This classification stems from its similarities in function and utility to Bitcoin and Ether, despite the SEC previously labeling SOL as a security. 
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 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… <a href="https://t.co/XwwPy8BXV2" target="_blank">pic.twitter.com/XwwPy8BXV2</a>— matthew sigel, recovering CFA (@matthew_sigel) <a href="https://twitter.com/matthew_sigel/status/1806313241431138434?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 27, 2024</a>
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Moreover, last month, the approval of 19b-4 forms for spot Ethereum ETFs set a precedent that could influence the SEC’s decision on this new Solana-based product. Analysts speculate that trading could commence soon, further integrating cryptocurrencies into mainstream financial markets. 
Sigel also emphasized the decentralized nature of SOL, noting its utility and economic viability as aligning with the characteristics of established digital commodities. This perspective supports VanEck’s assertion that SOL serves as a valuable commodity, offering diverse use cases for investors, builders, and entrepreneurs. 
Following the announcement, Solana (SOL) has experienced a trading surge, with its price climbing by 7.98% to $147.64 in the last 24 hours. This momentum is supported by a notable <a href="https://coinmarketcap.com/currencies/solana/" target="_blank" rel="noreferrer noopener nofollow">increase</a> in trading volume, which spiked by 44.89% to $2.68 billion. Consequently, Solana’s market cap also saw an 8.00% rise, reaching $68.26 billion. 
The filing by VanEck marks a significant step in expanding cryptocurrency investment vehicles, potentially enhancing SOL’s visibility and accessibility to a broader range of investors. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/06/26/vaneck-announces-fee-waivers-for-spot-ethereum-etf/" target="_blank" rel="noreferrer noopener">VanEck Announces Fee Waivers for Spot Ethereum ETF</a> 
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VanEck Seeks Solana ETF in US, Calls SOL a Commodity

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