VanEck Submits Solana ETF Application to SEC
We've heard that VanEck has filed an application with the SEC for a Solana ETF. This has been confirmed by Eric Balchunas, Bloomberg's ETF analyst, on X (formerly Twitter). After Bitcoin (BTC) and Ethereum (ETH), VanEck has now applied for an ETF for the cryptocurrency SOL. The green light for the Ethereum ETF means that all proof-of-stake blockchains like Solana, Polygon, and Cardano could also be classified as commodities and thus be eligible for their own ETFs in the US. Matthew Sigel, who heads up Digital Asset Research at VanEck, said on X that Solana offers a better user experience than Ethereum. He said the following about the Solana ETF application: "I'm happy to say that VanEck has applied for the first Solana ETF in the US." Solana is a competitor to Ethereum. It's an open-source blockchain software that's been developed to manage a variety of applications, including payments, trading, gaming, and social interactions. We think that the native token SOL works in a similar way to other digital commodities like BTC and ETH. It's used to pay for transaction fees and computing power on the blockchain. Just like Ether on the Ethereum network, you can trade SOL on digital asset platforms or use it in peer-to-peer transactions.
Solana Price Rises on ETF Application News
After VanEck's Solana ETF application, SOL saw a big jump, bouncing back from recent losses over the past few days and weeks.
As I'm writing this, the Solana price is around $150, which is a 7% increase in just two hours since the announcement.
If the SEC gives the green light, we can expect a much stronger price increase.
Conclusion on VanEck's Solana ETF Application
What we can take away from VanEck's Solana ETF application is that while SOL has become an ETF candidate following the Ethereum ETF approval, we can expect to see many companies like VanEck file applications for SOL ETFs in the coming days. It's still unclear whether the SEC will give the green light to the SOL ETF.
