In a significant move that marks a new milestone for the entire cryptocurrency industry, leading asset manager and Bitcoin Exchange-Traded Fund (ETF) issuer VanEck has officially filed the first-ever Spot Solana ETF with the US Securities and Exchange Commission (SEC).

VanEck Files For Spot Solana ETF

The Solana ETF filing announcement was made by Matthew Sigel, VanEck’s head of digital asset research, through a social media post.

Sigel highlighted the rationale behind this groundbreaking step, emphasizing Solana’s potential as a competitor to Ethereum and its ability to offer diverse applications, including payments, trading, gaming, and social interactions. 

With its combination of scalability, speed, and low costs, Sigel believes that the Solana blockchain has the potential to provide an enhanced user experience across a wide range of use cases.

VanEck further believes that the combination of high throughput, low fees, strong security, and a vibrant community makes Solana an attractive option for a Solana ETF, allowing investors to gain exposure to a “versatile and innovative” open-source ecosystem.

 SOL’s Utility As Digital Commodity

VanEck also draws parallels between SOL, the native token of Solana, and other digital commodities like Bitcoin and Ethereum. According to Sigel, SOL serves as a means of payment for transaction fees and computational services on the Solana blockchain. 

Similar to Ether on the Ethereum network, SOL can be traded on digital asset platforms or used for peer-to-peer transactions.

Moreover, Sigel noted that due to SOL’s decentralized nature, high utility, and economic viability, VanEck considers it to possess characteristics akin to established digital commodities. This reinforces the belief that SOL holds value and offers use cases for investors, builders, and entrepreneurs seeking alternatives to traditional app stores.

It remains to be seen how this new Solana ETF filing will be received by the SEC and what further developments will unfold on this matter.

At the time of writing, SOL has rebounded nearly 8% to $147 after a experiencing a brief correction to $121 on Monday. 

Featured image from DALL-E, chart from TradingView.com