fxstreet.com
- VanEck filed to list a Solana spot exchange-traded fund in the US after the approval in January of Bitcoin ETFs.
- The asset manager says it considers Solana "a commodity, like Bitcoin or Ether."
- Solana jumps more than 10% following the news of the filing.
Solana (SOL) price surged by 10% on Thursday following the announcement of Van Eck filing the first Solana exchange-traded fund (ETF) in the US.
Matthew Sigel, the firm's head of digital assets research, announced the decision on Twitter, attaching an image of an S-1 registration form for an investment trust with the US Securities and Exchange Commission (SEC).
I am excited to announce that VanEck just filed for the FIRST Solana exchange-traded fund (ETF) in the US.
— matthew sigel, recovering CFA (@matthew_sigel) June 27, 2024
Some thoughts on why we believe SOL is a commodity are below.
Why did we file for it?
A competitor to Ethereum, Solana is open-source blockchain software designed to… pic.twitter.com/XwwPy8BXV2
Van Eck, known for filing the first Ethereum ETF in 2021, may signal a broader trend as the approval of spot Bitcoin and Ethereum ETFs potentially paves the way for more crypto ETFs in the US. Previously, the SEC had categorized SOL as a security.
“SOL’s decentralized nature, high utility, and economic feasibility align with the characteristics of other established digital commodities, reinforcing our belief that SOL may be a valuable commodity with use cases for investors, builders, and entrepreneurs looking for alternatives to the duopoly app stores,” Sigel said.
Solana trades at 150.88 at the time of writing, up more than 10% on Thursday.