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Breaking News: VanEck Submits Application for Solana (SOL) ETF!
Breaking News: VanEck Submits Application for Solana (SOL) ETF!
VanEck has officially lodged a request with the SEC to establish a Solana exchange-traded fund (ETF).
Author:
Elif Azra Güven
27th June 2024 – 13:11
Update:
1 day ago
0
In a recent development, the prominent asset management firm VanEck has made a formal petition to the SEC for the introduction of the Solana ETF.
Following their ventures with Bitcoin (BTC) and Ethereum (ETH), VanEck has now extended their portfolio ambitions by seeking approval for an ETF centered around SOL.
VanEck’s application to the SEC presents the argument that Solana should be classified as a commodity, contrary to the SEC’s previous stance which classified SOL as a security in various legal proceedings.
Matthew Sigel, the Head of Digital Assets Research at VanEck, highlighted the competitive edge of Solana over Ethereum by emphasizing its enhanced user experience. He stated:
“I am thrilled to announce the submission of VanEck’s pioneer Solana ETF proposal in the United States.
Solana, a direct competitor to Ethereum, stands as an open-source blockchain technology engineered to support a myriad of applications encompassing transactions, e-commerce, gaming, and social engagements.
Why do we consider SOL akin to assets like Bitcoin, Ethereum, and more?
We firmly believe that the native token SOL functions analogously to other virtual assets such as BTC and ETH, serving as a means to cover transaction fees and computational operations on the blockchain. Similar to Ether within the Ethereum network, SOL can be transacted on digital asset platforms or utilized in direct peer-to-peer transactions.”
Exciting news from VanEck disclosing the initiation of the FIRST Solana exchange-traded fund (ETF) application in the U.S.
Key insights supporting our view on SOL’s commodity status are detailed below.
Why the pursuit?
Positioned as a rival to Ethereum, Solana embodies open-source blockchain software intended to…
pic.twitter.com/XwwPy8BXV2
— matthew sigel, recovering CFA (@matthew_sigel)
27th June 2024
With SOL emerging as a viable contender for an ETF post the approval of the Ethereum ETF, several entities including VanEck are anticipated to replicate this move by applying for a SOL-based ETF in the imminent future.
For now, the approval of the SOL ETF remains speculative, pending the SEC’s decision.
Following this announcement, the valuation of SOL witnessed a substantial surge.
*This does not constitute financial counsel.
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