According to PANews, VanEck 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 top 100 wallets containing SOL tokens held about one-third of the SOL in circulation. Due to this concentration of ownership, large-scale sales or distributions by such holders could have an adverse impact on market prices.
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, disagreed, arguing that the Solana network itself is decentralized.
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.
