VanEck is confident that SOL is a product, so it has applied to open the VanEck Solana Trust. This statement was made by Matthew Siegel, head of digital asset research at the investment company VanEck. True, for some reason it was written that the application was submitted for Solana ETF.

He, intentionally or not, made a mistake.

ETF and Trust are different financial instruments. ETFs are traded on an exchange like stocks and are designed to track an index, commodity, bond or basket of assets. A Trust, in turn, is a managed company that owns a specific asset (in this case Solana) and sells shares of that company to investors.

Some quotes from Siegel arguing that SOL is a commodity:

“I am pleased to announce that VanEck has just filed for the first US exchange-traded fund (ETF), Solana.

Below are our thoughts on why we think SOL is a commodity...

… We believe that the native SOL token functions similarly to other digital commodities such as Bitcoin and Ether. It is used to pay transaction fees and computing services on the blockchain. Like Ether on the Ethereum network, SOL can be traded on digital asset platforms or used in 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), highlight the utility and value of SOL as a digital commodity. No single intermediary or organization controls the Solana network, which is called decentralization. The transaction validation and record-keeping infrastructure is supported by a collectively diverse user base consisting of numerous independent validators distributed throughout the world. These validators are responsible for processing transactions and maintaining the security of the network, ensuring that no single entity can monopolize the system.

SOL's decentralized nature, high utility and cost-effectiveness are consistent with the characteristics of other established digital products, strengthening our belief that SOL can be a valuable commodity with use cases for investors, developers and entrepreneurs looking for alternatives to the app duopoly."

The SEC, at the same time, has repeatedly stated that SOL is a security. Are we waiting for trial? Refusal to open a trust? Both factors would be grounds for a dump for SOL. And approval, of course, would help continue growth.

In general, we have not changed our estimates since the end of May - in the mid-term SOL will see growth and a new ATH. And the chances of a spot Solana ETF being approved in the future are high.

Let us remind you that a week ago the company 3iQ from Canada submitted an application to launch the country’s first Solana ETF. Listed on the Toronto Stock Exchange and ticker #QSOL. This is not the United States yet, but the trend is important.