Solana jumps almost 10% as VanEck files for first US Solana ETF

Key Takeaways

Solana’s price jump reflects market optimism following VanEck’s ETF filing.
VanEck’s initiative could set a precedent for future cryptocurrency ETFs in the US.

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Solana’s (SOL) price surged almost 10%, from around $139 to $151, shortly after VanEck’s application for a spot Solana exchange-traded fund (ETF). According to TradingView, SOL is currently trading at around $148, up 8% in the past 24 hours.

Source: TradingView

On Thursday, VanEck, the prominent player in the ETF market, submitted an S-1 form to the US Securities and Exchange Commission (SEC) to launch the VanEck Solana Trust. VanEck’s move marks the first attempt to establish a Solana-based ETF in the US.

With the latest filing, VanEck has classified Solana as a commodity rather than a security.

In addition, Matthew Sigel, Head of Digital Assets at VanEck, said Solana stands out as a high-performance blockchain with remarkable attributes like high scalability, speed, and low transaction fees.

I am excited to announce that VanEck just filed for the FIRST Solana exchange-traded fund (ETF) in the US.

Some thoughts on why we believe SOL is a commodity are below.

Why did we file for it?
A competitor to Ethereum ( $0.00 ) , Solana is open-source blockchain software designed to… pic.twitter.com/XwwPy8BXV2

— matthew sigel, recovering CFA (@matthew_sigel) June 27, 2024

VanEck’s new filing comes ahead of the anticipated launch of spot Ethereum ( $0.00 ) funds in the US. In May, the SEC greenlit a batch of Ethereum ( $0.00 ) ETF filings, including one from VanEck. These ETFs are currently pending trading approval from the SEC.

Bloomberg ETF analyst Eric Balchunas predicts the SEC will allow Ethereum ( $0.00 ) ETFs to start trading as soon as next week.

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