Coin World reports:
On Friday, June 28th, the American blue-chip public chain Solana, known as the “Ethereum killer,” saw its token SOL surge nearly 10%, briefly breaking through the $150 mark. Wall Street asset management giant VanEck has submitted a Solana ETF application file to the U.S. Securities and Exchange Commission, issuing common shares with equity rights.
With the U.S. Securities and Exchange Commission’s approval of the 19B-4 document for Ethereum spot ETF earlier this year, it is widely expected that the regulatory agency will approve the S-1 document for the Ethereum spot ETF on July 4th, allowing the fund to officially enter the market. The market is eagerly anticipating which altcoin will be the next to launch an ETF.
On Thursday, VanEck submitted a Solana ETF (VANECK SOLANA TRUST) application file to the U.S. Securities and Exchange Commission. It is understood that VanEck Solana Trust will be an ETF that issues common shares with equity rights and is expected to be listed and traded on the CBOE BZX Exchange, subject to further issuance notices.
Additionally, it is worth noting that the application file states that the trust, sponsor, SOL token custodian, or any other person associated with the trust will not directly or indirectly take any action to pledge any SOL of the trust to earn rewards or generate other income. Currently, subscriptions and redemptions are only conducted in cash.
Matthew Sigel, Director of Digital Asset Research at VanEck, tweeted, “I am pleased to announce that VanEck has just applied for the first Solana ETF in the United States. Here is our view on SOL as a commodity.”
“Why are we applying for it? As a competitor to Ethereum, Solana is an open-source blockchain software designed to handle various applications, including payments, transactions, games, and social interactions. Solana blockchain operates as a single global state machine without sharding or layer-2 solutions. Its unique combination of scalability, speed, and low cost may provide a better user experience for many use cases.”
“By processing thousands of transactions per second at the lowest cost and adopting advanced security mechanisms that combine historical proof and equity proof, we believe Solana stands out as a powerful and accessible blockchain software. We believe the combination of high throughput, low fees, robust security, and a strong community atmosphere makes Solana an attractive choice for a trading fund, offering investors the opportunity to access a multifunctional and innovative open-source ecosystem.”
“Why do we believe SOL is a commodity like Bitcoin and Ethereum? We believe the native token SOL functions similarly to other digital commodities such as Bitcoin and Ether. It is used to pay for transaction fees and compute services on the blockchain. Similar to Ether on the Ethereum network, SOL can be traded on digital asset platforms or used for 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 practicality and value of SOL as a digital commodity. The Solana network is not operated or controlled by a single intermediary or entity, a principle known as decentralization.”
“The infrastructure for transaction verification and record keeping is maintained by a diverse user group, including numerous independent validators distributed globally. These validators are responsible for processing transactions and protecting the network, ensuring that no single entity can monopolize the system. The decentralized nature, high practicality, and economic feasibility of SOL align with the characteristics of other established digital commodities, strengthening our belief in SOL as a valuable commodity and providing use cases for investors, builders, and entrepreneurs seeking alternatives to the duopoly app stores.”
The issuance of the Solana ETF will be a groundbreaking event, as there have been precedents with Ethereum and Solana clearing customs, and the market will expect more altcoins to enter the traditional Wall Street market in the future. This means that this event can be seen as a milestone.
After the news broke, the SOL token surged nearly 10%, briefly breaking through the $150 mark.
