PANews reported on June 28 that according to DL News, VanEck specifically pointed out a specific risk not seen in other ETF applications in the Solana spot ETF application submitted, namely the concentrated ownership of SOL tokens. According to VanEck's documents, at the end of November last year, the 100 largest wallets containing SOL tokens held about one-third of the SOL in circulation. The document emphasizes: "Due to this concentration of ownership, large sales or distributions by such holders may have an adverse effect on market prices." Since the distribution of SOL tokens is not as extensive as Bitcoin and Ethereum, this concentrated ownership situation may become an obstacle to the approval of VanEck Solana ETF.

In fact, SEC Commissioner Caroline Crenshaw cited the centralized ownership of Bitcoin as one of her reasons for opposing the approval of a spot Bitcoin ETF in January. However, Matthew Sigel, head of digital asset research at VanEck, expressed a different view, arguing that the Solana network itself is decentralized. Sigel said that a diverse user base supports the infrastructure of Solana network transactions.

In addition, VanEck also listed many of the same risks in its Solana ETF application as in its Ethereum ETF application. Earlier yesterday, asset management agency VanEck submitted the first Solana ETF application in the United States.