On the evening of June 27th, Beijing time, the US asset management institution VanEck submitted the application documents for the Solana Trust (VANECK SOLANA TRUST) to the US SEC. The VanEck Solana Trust is an ETF that issues equity common shares, which are expected to be listed and traded on Cboe BZX Exchange Co., Ltd., subject to the issuance notice. The trust currently only subscribes and redeems in cash. Previously, the Solana Trust launched by Grayscale did not support redemption. The details of this application document mean that VanEck has officially submitted the Solana spot ETF to the SEC.
Matthew Sigel, head of digital asset research at VanEck, said on the X platform that VanEck had just applied for the first Solana exchange-traded fund (ETF) in the United States. He also shared some thoughts on why VanEck believes SOL is a commodity.
Why Apply to VanEck?
As a competitor to Ethereum, Solana is an open source blockchain software designed to handle a variety of applications, including payments, transactions, games, and social interactions. The Solana blockchain runs as a single global state machine without sharding or Layer 2, and its unique combination of scalability, speed, and low cost can provide a better user experience for many use cases.
By enabling thousands of transactions per second at minimal fees and using advanced security mechanisms that combine Proof of History and Proof of Stake, we believe Solana is a powerful and accessible blockchain software. We believe the combination of high throughput, low fees, strong security, and a strong community makes Solana an attractive option for ETFs, providing investors with a versatile and innovative open source ecosystem.
Why is SOL considered a commodity like Bitcoin, Ethereum, etc.?
We believe that the native token SOL functions similarly to other digital commodities such as bitcoin and ETH. It is used to pay for transaction fees and computing services on the blockchain. Like Ether on the Ethereum network, SOL can be traded on digital asset platforms or used for peer-to-peer transactions.
The Solana ecosystem supports a wide range of applications and services, from decentralized finance (DeFi) to non-fungible tokens (NFTs), highlighting the utility and value of SOL as a digital commodity. No single intermediary or entity operates or controls the Solana network, a principle known as decentralization. The transaction verification and record-keeping infrastructure is maintained by a diverse user base consisting of numerous independent validators distributed around the world. These validators are responsible for processing transactions and protecting the network, ensuring that no single entity can monopolize the system.
SOL’s decentralized nature, high utility, and economic viability align with the characteristics of other established digital commodities, further validating our belief that SOL could be a valuable commodity for investors, builders, and entrepreneurs looking for an alternative to the duopoly app store.
