U.S. Securities and Exchange Commission (SEC) official announcements

VanEck Files for First U.S. Solana ETF, Sparking 6% Price Surge

Jun 27, 2024, 02:07 PM

VanEck has filed for the first U.S. spot Solana (SOL) exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC), marking a significant development in the cryptocurrency market. This filing has led to a notable surge in Solana's price, which spiked over 6% shortly after the announcement. VanEck's move is seen as a strategic effort to position Solana alongside major cryptocurrencies like Bitcoin and Ethereum, which already have or are on the verge of having their own ETFs. The filing underscores VanEck's belief that Solana functions similarly to digital commodities like Bitcoin and Ethereum, despite the SEC's classification of SOL as a security. VanEck disputes this classification. The approval process for the ETF is expected to be lengthy, potentially extending into 2025, especially considering the current regulatory environment under SEC Chair Gary Gensler. The filing has sparked discussions about the future of cryptocurrency ETFs and Solana's potential role in the market, with some analysts suggesting that the approval of a Solana ETF could set a new precedent for other altcoins. The filing comes amid speculation that the ETF could be fast-tracked under a new Trump administration. Solana staged its biggest rally in more than a month following the announcement.