On June 27, VanEck announced that it had submitted an application for Solana Trust "VanEck Solana Trust" to the US SEC. If approved, it will be listed on the Cboe BZX exchange. VanEck Digital Assets is the sponsor of the trust.
Delaware Trust Company is the trustee of the trust. After the news was released, SOL briefly broke through 150 USDT, rising nearly 7% in 30 minutes.
In fact, after the Ethereum spot ETF was approved last month, there have been many speculations in the market about whether SOL will be the next approved cryptocurrency ETF. On the one hand, given SOL’s market value and influence, some people believe that it is SOL’s turn. On the other hand, considering the fact that the US SEC once characterized SOL as an unregistered security, many investors believe that the possibility of SOL ETF° being approved is almost zero.
So, what is the reason for VanEck to submit the SOL trust application this time? Coupled with the first Solana ETP application in North America submitted by Canadian digital asset management company °3iQ last Friday, will SOL really become the next approved cryptocurrency ETF?
First, Matthew Sigel, head of digital asset research at VanEck, believes that "the combination of high throughput, low fees, strong security, and a strong community atmosphere makes Solana an attractive ETF option that provides investors with a versatile and innovative open source ecosystem." In addition, regarding the biggest obstacle to the approval of the SOL ETF, which is the SOL attribute, Matthew emphasized that "SOL is a commodity." He said, "SOL's decentralized nature, high practicality, and economic feasibility are consistent with the characteristics of other established digital commodities, which strengthens our belief in SOL as a valuable commodity."
In addition to what VanEck said, market maker °GSR also released a report after the official announcement, firmly "bullish" on SOL. GSR said that considering that spot ETFs are the main driver of prices in the current cycle, and the partisan disputes caused by the election have pushed regulators to relax their stance on digital assets, the passage of the Digital Asset Market Structure Act defined by securities and commodities is not only possible, but even a high-probability event.
GSR believes that the two key factors that determine the next cryptocurrency spot ETF include the level of decentralization and potential demand. In the report, GSR calculated the decentralization score and demand score of 8 cryptocurrencies and analyzed the possibility of the corresponding ETF being approved.
