VanEck has applied for a Solana ETF in the U.S.

VanEck has applied for a Solana ETF in the U.S.

Investing.com - The cryptocurrency asset management company VanEck made a move this week that has excited crypto participants for the second time.

After submitting the necessary documents to the SEC this week to start trading an Ethereum ETF, VanEck officially applied today to issue a spot Solana ETF.

Matthew Sigel, VanEck’s Head of Digital Asset Research, announced on X today that VanEck has applied to issue the first SOL ETF in the USA. The application details show that the VanEck Solana Trust is planned to be listed on the Cboe BZX Exchange, and according to the company’s statement, SOL assets will be held by VanEck and evaluated based on the MarketVectorTM Solana Benchmark Rate.

SEC had labeled Solana as a security

On the other hand, following VanEck’s application, the issue of the SEC defining many altcoins, including Solana, as securities during its lawsuit against Binance last year came to the forefront.

Matthew Sigel stated that they believe Solana is a commodity and claimed that the cryptocurrency functions similarly to Bitcoin and Ethereum. However, the fact that the SEC views cryptocurrencies other than Bitcoin and Ethereum as securities is seen as the biggest obstacle to ETF approval.

Nonetheless, it seems that crypto investors are not yet worried about such concerns. After the announcement of VanEck’s spot Solana ETF application, the overall market outlook turned positive.

Solana saw a value increase approaching 10% in a short time and reached the $150 threshold as of the last hour. Bitcoin's daily value increase is currently around 1.5%, while Ethereum is trading at $3,450 with a 2.5% rise.

Among the top 100 cryptocurrencies, MKR and BOME are leading with value increases exceeding 10%, while AI tokens FET and AGIX, which are on the verge of merging, have recorded declines exceeding 10%.