Wealth manager VanEck filed the first-ever bid for a Solana (SOL) exchange-traded fund (ETF) in the U.S. with the SEC on Thursday. Following the news, Solana’s price surged over 8%, according to CoinMarketCap data.
The VanEck Solana Trust aims to track SOL prices, marking a significant expansion into crypto-backed investment vehicles. Unlike other trusts, it explicitly avoids staking activities to comply with SEC regulations. Matthew Sigel countered claims that SOL is an unregistered security, asserting it’s a commodity like Bitcoin and Ethereum.
Analysts like Solana co-founder Raj Gokal and Ripple CEO Brad Garlinghouse had anticipated a SOL ETF as inevitable. The move signals increasing confidence from asset managers amid a favorable political climate for crypto in the U.S.
VanEck’s filing underscores the strategic importance of integrating Solana into mainstream financial products, potentially paving the way for broader cryptocurrency acceptance.
