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Asset manager VanEck filed for the first Solana (SOL) trust in the US, according to an S-1 Form submitted to the SEC today. $SOL has gained 8% since the news went live.
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Labeled “VanEck Solana Trust,” the filing aims to launch an exchange-traded fund (ETF).
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VanEck has been known to be a first mover in this space, being the first to file for a spot ether (ETH) ETF back in 2021, almost three years before the SEC began to engage with issuers that now include BlackRock, Fidelity, Ark Invest and others.
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The application comes less than a week after 3iQ filed for a similar Solana product in neighboring Canada, and a month after the SEC approved spot Ether ETFs in the U.S.
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VanEck is among the asset management firms that received a green light from the US regulator to launch a spot Ethereum ETF, and are now waiting for approval to start trading.
Following the announcement, Solana (SOL) has experienced a trading surge, with its price climbing by 7.98% to $147.64 in the last 24 hours.
This momentum is supported by a notable increase in trading volume, which spiked by 44.89% to $2.68 billion.
Consequently, Solana’s market cap also saw an 8.00% rise, reaching $68.26 billion.
Matthew Sigel, Head of Digital Assets Research at VanEck, was quoted by numerous news outlets lauding Solana’s high throughput and even shared the asset management firm’s belief that SOL is a commodity.
Sigel also noted that Solana “functions similarly to other digital commodities such as Bitcoin and Ethereum. It is utilized to pay for transaction fees and computational services on the blockchain. Like ether on the Ethereum network, SOL can be traded on digital asset platforms or used in peer-to-peer transactions.”
Sigel calls Solana decentralized, assessing that the transaction validation and recordkeeping infrastructure are collectively maintained by a diverse user base comprising numerous independent validators distributed globally.
The Nakamoto Coefficient presents the minimum entities needed to control one-third of the stake, therefore it is used as a general measure of quantified decentralization. As of the time of this writing, Solana’s average Nakamoto Coefficient is 20, which is actually higher than both Bitcoin and Ethereum.
The S-1 form is an initial registration required by the US Securities and Exchange Commission (SEC) before a security can be publicly traded.
Sources: https://www.coindesk.com/business/2024/06/27/vaneck-files-for-solana-etf-sol-rises-6/
https://www.cryptotimes.io/2024/06/27/vaneck-seeks-solana-etf-in-us-calls-sol-a-commodity/ Show Less
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