CoinVoice has recently learned 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 filing, at the end of November last year, the top 100 wallets containing SOL tokens held about one-third of the SOL in circulation. The filing emphasizes: "Due to this concentration of ownership, large sales or distributions by such holders could adversely affect the market price." Since the distribution of SOL tokens is not as widespread as Bitcoin and Ethereum, this concentrated ownership situation may become an obstacle to the approval of the VanEck Solana ETF.
In addition, VanEck listed many of the same risks in its Solana ETF application as in its Ethereum ETF application. [Original link]
