VanEck Files for Spot Solana ETF

Solana Logo on Geometric Background
Source: Watcher.Guru

According to VanEck’s head of digital asset research, they are the first U.S. company to apply for a Solana ETF. VanEck, an early issuer of Bitcoin spot ETFs in the U.S., has filed for a new SOL ETF.

Matthew Sigel, head of digital asset research at VanEck, announced on X that they submitted a Solana ETF application to the U.S. Securities and Exchange Commission (SEC) on June 27.

Sigel discussed why VanEck considers SOL a commodity. He explained that the native token, SOL, operates similarly to other digital commodities like Bitcoin and ETH. SOL is used to pay 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.

Michael went on to say that the “Solana blockchain’s unique combination of scalability, speed, and low costs may offer a better user experience for many use cases.”

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“By enabling thousands of transactions per second with minimal fees and employing an advanced security mechanism that combines proof-of-history and proof-of-stake, we believe Solana stands out as a powerful and accessible blockchain software.”

Chart of SOL
Source: TradingView

SOL rose 6.9% shortly after the announcement of the Solana ETF and continues its upward trajectory. VanEck sees great potential in Solana’s ability to handle thousands of transactions per second with minimal fees. Combined with the blockchain’s advanced security, which is both proof-of-history and proof-of-stake, makes Solana a robust and accessible blockchain.