VanEck Files for Solana ETF in US, Claiming SOL is a Commodity

“I am pleased to announce that VanEck has just filed for Solana's FIRST exchange-traded fund (ETF) in the US,” said Matthew Sigel, head of digital asset research at VanEck in a post on X on Thursday.

This comes after the US Securities and Exchange Commission approved spot ETFs for both Bitcoin and Ethereum. The agency approved Forms 19b-4 for Ethereum spot ETFs last month and still needs to greenlight registration statements so they can begin trading, although some analysts believe that could be as early as next week. . 

VanEck Solana Trust would be listed on the Cboe BZX Exchange, Inc. and would "hold SOL and value its shares daily based on the reported MarketVectorTM Solana Reference Rate," according to the company's S-1 registration statement.

Sigel stated that SOL is a commodity because it "functions similarly" to bitcoin and ether. The SEC said SOL is a security when it filed charges against crypto exchange Binance last year. 

The question of whether certain cryptocurrencies are securities under the jurisdiction of the SEC or commodities, under the jurisdiction of the Commodity Futures Trading Commission, has been ongoing. 

"SOL's decentralized nature, high utility and economic viability align with the characteristics of other established digital products, reinforcing our belief that SOL can be a valuable product with use cases for investors, builders and entrepreneurs seeking alternatives to the duopoly app stores," Sigel said Thursday.

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