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First Solana ETF Filed in the U.S. Boosts SOL Token Price
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VanEck has made history by filing the first Solana (SOL) exchange-traded fund (ETF) in the U.S., following a similar product filing in Canada by 3iQ just six days earlier. This significant move lifted SOL token's 24-hour gain to almost 8%.

VanEck's Pioneering Move

Known for being a trailblazer in the ETF space, VanEck was the first to file for a spot Ether (ETH) ETF in 2021. This happened nearly three years before the Securities and Exchange Commission (SEC) began engaging with major issuers like BlackRock, Fidelity, and Ark Invest. VanEck's latest filing highlights the firm's proactive approach in the digital assets sector.

SOL as a Commodity

Matthew Sigel, VanEck's head of digital assets research, emphasized in a post on X that SOL functions similarly to other digital commodities like Bitcoin and ETH. He explained that SOL is used to pay for transaction fees and computational services on the blockchain, reinforcing its classification as a commodity rather than a security.

Why Solana?

VanEck's interest in Solana stems from its competitive edge over Ethereum. Sigel pointed out Solana's unique combination of scalability, speed, and low costs as key factors in the decision to file for a Solana ETF. These attributes make Solana a strong contender in the blockchain space.

Future of Crypto ETFs

The SEC approved the first spot Bitcoin (BTC) ETF in January, and an Ether ETF is anticipated soon. Analysts predict that ETH ETFs could attract $5 billion in net inflows within the first five months. Experts suggest that Solana could be the next cryptocurrency to be packaged into an ETF due to its similarities with Ethereum. However, serious discussions about a Solana ETF are expected to start only in 2025, with some analysts also considering Ripple's XRP as a potential candidate.