On Friday (June 28), Solana's token SOL, known as the "Ethereum killer", jumped nearly 10% and once broke through the $150 mark. Wall Street asset management giant VanEck submitted Solana ETF application documents to the US Securities and Exchange Commission to issue equity common stock.

With the SEC's approval of the Ethereum spot ETF's 19B-4 filing earlier this year, the market generally expects that the regulator will approve the Ethereum spot ETF's S-1 filing on July 4, allowing the fund to be officially listed and traded. The market is looking forward to which altcoin will be the next to launch an ETF.

On Thursday, VanEck submitted the application documents for Solana ETF (VANECK SOLANA TRUST) to the U.S. Securities and Exchange Commission. It is understood that VanEck Solana TRUST will be an ETF that issues equity common shares and is expected to be listed and traded on the CBOE BZX exchange, subject to the issuance notice.

It is also worth noting that the application document points out that the trust, the sponsor, the SOL token custodian or any other person related to the trust will not take any action, directly or indirectly, to use any SOL of the trust for staking to earn rewards or to take actions that generate other income. Currently, subscriptions and redemptions are only made in cash.

That is to say, the ETF will not support staking at present.

Matthew Sigel, head of digital asset research at VanEck, tweeted: “I’m happy to announce that VanEck has just filed for the first Solana ETF in the U.S. Here are our thoughts on SOL as a commodity.”

“Why should we apply for it? As a competitor to Ethereum, Solana is an open source blockchain software designed to handle a variety of applications, including payments, transactions, games, and social interactions. The Solana blockchain operates as a single global state machine without sharding or second-layer solutions, and its unique combination of scalability, speed, and low cost may provide a better user experience for many use cases.”

“By processing thousands of transactions per second at 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. We think the combination of high throughput, low fees, robust security, and a strong community makes Solana an attractive ETF option, providing investors with exposure to a versatile and innovative open source ecosystem.”

“Why do we think SOL is a commodity like Bitcoin, Ethereum, etc.? We believe that the native token SOL functions similarly to other digital commodities such as Bitcoin and Ethereum. It is used to pay for transaction fees and computing services on the blockchain. Similar to Ether on the Ethereum network, SOL can be traded on digital asset platforms or used for peer-to-peer transactions.”

“The wide range of applications and services supported by the Solana ecosystem, from decentralized finance (DeFi) to non-fungible tokens (NFTs), highlights the utility and value of SOL as a digital commodity. The Solana network is not operated or controlled by a single intermediary or entity, a principle known as decentralization.”

“The transaction validation and record-keeping infrastructure is maintained by a diverse community of users, including numerous independent validators distributed around the world. These validators are responsible for processing transactions and securing the network, ensuring that no single entity can monopolize the system. SOL’s decentralized nature, high utility, and economic viability match the characteristics of other established digital commodities, reinforcing our belief in SOL as a valuable commodity with use cases for investors, builders, and entrepreneurs seeking an alternative to the duopoly app store.”

The issuance of the Solana ETF will be a shocking shock, because after the precedents of Ethereum and Solana, the market will expect more altcoins to enter the traditional Wall Street market in the future, which means that this can be regarded as a milestone action.

After the news came out, the SOL token jumped nearly 10%, once breaking through the $150 mark.