Solana (SOL), the fifth biggest crypto, surged by over 8% as VanEck filed for new Solana exchange-traded funds (ETFs). Matthew Sigel, the head of digital assets research at VanEck, on Thursday announced the filing. He stated that the firm has filed with the US Securities and Exchange Commission (SEC) for the VanEck Solana Trust.
Solana ETF coming soon
VanEck is known for being among the first issuers of spot Bitcoin ETFs in the United States. However, its Solana Trust aims to capitalize on Solana’s decentralized nature and high utility. Sigel highlighted that the native token, SOL, functions similarly to other digital commodities like Bitcoin and Ether.
He noted that, like Ether, SOL can be traded on platforms or used in peer-to-peer transactions. If the US SEC approves the application then the trust is expected to be listed on the Cboe BZX Exchange.
Matthew Sigel mentioned that Solana is open-source blockchain software designed to handle various applications, including payments, trading, gaming, and social interactions.
He highlighted that it is operating as a single global state machine without sharding or layer 2s. “The Solana blockchain is a unique combination of scalability, speed, and low costs that may offer a better user experience for many use cases,” stated the head of digital assets research at VanEck.
However, Sigel went on to answer the very curious question of why they believe SOL is a commodity like Bitcoin, Ether.
Why this ecosystem?
The post says that they believe that the Solana ecosystem supports a broad range of applications and services. The tally includes from decentralized finance (DeFi) to non-fungible tokens (NFTs). This underscores SOL’s utility and value as a digital commodity.
He suggested that there is no single intermediary or entity that operates or controls the Solana network.
Solana was struggling with high selling pressure and wasn’t able to find its way to settle. The positive news has pushed the crypto to move ahead. SOL price is up by over 11% in the last 7 days. It is trading at an average price of $146.93, at the press time. Its 24 hour trading volume is up by 48% to stand at $2.69 billion. SOL is holding a market cap of more than $68 billion.
The digital assets market surged by 1.16% over the last day to stand at around $2.29 trillion. Bitcoin price remained marginally up while Ether gained by more than 2%.
