VanEck Files for Solana ETF in the US

Investment management firm VanEck has made a significant move in the cryptocurrency market by filing for the first Solana exchange-traded fund (ETF) in the United States.

This announcement comes amid increasing interest and speculation that Solana will become the next ETF following Bitcoin and Ethereum ETF approvals.

Solana ETF in the Works

VanEck’s filing aims to create a trust that would provide institutional investors with exposure to Solana, making it easier to invest in this leading Ethereum competitor. The firm’s Head of Research, Mathew Sigel, took to X to share more information on why they filed for the Solana ETF.

“Solana’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.

This move by VanEck is part of a broader trend where asset managers are seeking regulatory approval for various cryptocurrency ETFs. If approved, the Solana Trust would join the ranks of other crypto ETFs.

“The broad range of applications and services supported by the Solana ecosystem, from decentralized finance (DeFi) to non-fungible tokens (NFTs), underscores SOL’s utility and value as a digital commodity. No single intermediary or entity operates or controls the Solana network, a principle referred to as decentralization,” Sigel added.

Industry leaders are also anxiously waiting for the expected approval of Ethereum ETFs as soon as next week. Senior ETF analyst Eric Balchunas anticipates that Ethereum-based funds could be introduced as early as July 2. Meanwhile, a Reuters report indicates that the SEC may give the green light to spot Ethereum ETFs by July 4.