CoinWorld.com reports:
With the approval of a Bitcoin spot ETF by the U.S. Securities and Exchange Commission (SEC) earlier this year, and the approval of an Ethereum spot ETF seemingly on the horizon, the market is eagerly anticipating which lucky cryptocurrency will be the next to launch an ETF.
VanEck Submits Solana ETF Application to SEC
Tonight (27th), asset management giant VanEck submitted an application to the U.S. SEC for the VanEck Solana Trust. It is reported that the VanEck Solana Trust will be an ETF, issuing common shares and is expected to be listed on the Cboe BZX Exchange, with the specific timing to be announced.
It is worth noting that the filing states that the trust, sponsor, SOL custodian, or any other party related to the trust will not directly or indirectly take any action to use any SOL held by the trust for staking to earn rewards or engage in other income-generating activities. Currently, subscriptions and redemptions are only conducted in cash (meaning staking is not currently available).
SOL Surges 10%!
On Thursday, VanEck submitted an application to the U.S. Securities and Exchange Commission for the Solana ETF (VanEck Solana Trust). It is reported that the VanEck Solana Trust will become an ETF, issuing equity common shares, and is expected to be listed for trading on the CBOE BZX Exchange, with the specific timing to be announced.
The launch of the Solana ETF will cause a significant stir, as more altcoins are expected to enter the traditional Wall Street market’s vision after the successful entry of Ethereum and Solana. This move can be seen as a milestone event.
After the news broke, the SOL token jumped nearly 10%, briefly surpassing the $150 mark.
Why Apply for a Solana ETF?
As a competitor to Ethereum, Solana is an open-source blockchain software designed for various applications such as payments, transactions, gaming, and social interactions. The Solana blockchain operates as a single global state machine without the need for sharding or layer-two solutions. Its unique combination of scalability, speed, and low cost may bring superior user experiences to many application scenarios.
Why do we consider SOL a commodity like Bitcoin and Ethereum?
We consider Solana’s native token, SOL, to be functionally similar to other digital commodities such as Bitcoin and Ethereum. SOL is used for paying transaction fees and computational services on the blockchain, similar to Ether on the Ethereum network. SOL can be traded on digital asset trading platforms and used for peer-to-peer transactions.
The Solana ecosystem supports a wide range of applications and services, from decentralized finance (DeFi) to non-fungible tokens (NFTs), highlighting the utility and value of SOL as a digital commodity. The decentralized nature of the Solana network means it is not operated or controlled by a single intermediary or entity.
Furthermore, the SEC filing states that the trust, sponsor, Solana custodian, or any other party related to the trust currently will not directly or indirectly take any action to use any SOL held by the trust for staking to earn rewards or engage in other income-generating activities. Currently, subscriptions and redemptions are only conducted in cash.
In summary, here are the recent hot topics:
1. Asset management giant VanEck has submitted an application for the Solana Trust, and the SOL ETF may be launched at some point in 2025. The surge in the SOL ecosystem has provided a certain boost to the current market.
2. ENS is about to undergo a rebranding. ENS is considered the prodigal son of Ethereum, and Vitalik Buterin often shares updates on social platforms. Its current trend is extremely strong.
3. APT collaborates with Alibaba Cloud.
4. SNT proposes a new launch, the Status Network.
5. Mt.Gox creditors in Mentougou may sell some Bitcoin next month, but it is expected that cash repayments from FTX creditors will lead to a rebound in the market in August.
