VanEck submits Solana ETF application, SOL price rises briefly

Recently, VanEck, a well-known American asset management institution, officially submitted the application documents for the Solana Trust (VanEck Solana Trust) to the U.S. Securities and Exchange Commission (SEC), marking that it is expected to become the first Solana exchange-traded fund (ETF) in the United States. As soon as the news was released, it attracted widespread attention from the market. The price of Solana's native token SOL rose significantly to 149.16 USDT in a short period of time.

According to the filing, the VanEck Solana Trust is an ETF designed to provide investors with an investment vehicle capable of tracking the price performance of Solana through the issuance of equity common shares. These shares are expected to be listed and traded on Cboe BZX Exchange Co., Ltd., but the specific listing time is subject to the issuance notice. It is worth noting that, unlike the Solana Trust launched by Grayscale in the past, the VanEck Solana Trust will support subscription and redemption in cash, providing investors with more flexible investment options.

Matthew Sigel, director of digital asset research at VanEck, said that Solana, as an open source blockchain software, provides a better user experience for many applications with its unique combination of scalability, speed and low cost. At the same time, Solana’s native token SOL is similar in function to other digital commodities such as Bitcoin and Ethereum. It can be used to pay transaction fees and computing services on the blockchain, and can also be traded on digital asset platforms or used peer-to-peer. trade.

Sigel further noted that Solana’s decentralized nature, high utility and economic viability make it an attractive option for exchange-traded funds. He believes that Solana’s ecosystem will continue to develop and provide investors with a versatile and innovative open source ecosystem.

VanEck's submission of Solana ETF application this time not only reflects the institution's confidence in the Solana project, but also reflects the market's optimistic expectations for Solana's future development. After the news was released, SOL prices rose briefly, reflecting the market's positive reaction to the application.

However, it is worth noting that although VanEck has submitted an application to the SEC, the final approval of the Solana ETF still needs to pass the SEC’s rigorous review. Currently, the SEC has not responded to this application. Therefore, while investors are paying attention to Solana’s price trends, they should also remain rational and carefully assess investment risks.