In a notable development for the cryptocurrency industry, leading asset manager and Bitcoin Exchange-Traded Fund (ETF) issuer VanEck has filed the first-ever Spot Solana ETF with the US Securities and Exchange Commission (SEC).

VanEck Submits Spot Solana ETF Application

Matthew Sigel, VanEck’s head of digital asset research, announced the Solana ETF filing on social media.

Sigel emphasized Solana's potential as a competitor to Ethereum, highlighting its diverse applications in payments, trading, gaming, and social interactions.

With Solana's scalability, speed, and low costs, Sigel believes it can provide an enhanced user experience across various use cases.

VanEck sees Solana's high throughput, low fees, strong security, and vibrant community as key factors making it an attractive option for a Solana ETF, offering investors exposure to a “versatile and innovative” open-source ecosystem.

SOL as a Digital Commodity

VanEck compares SOL, Solana’s native token, to digital commodities like Bitcoin and Ethereum. SOL is used for transaction fees and computational services on the Solana blockchain and can be traded or used for peer-to-peer transactions, similar to Ether on the Ethereum network.

Sigel pointed out that SOL’s decentralized nature, high utility, and economic viability make it similar to established digital commodities, providing value and use cases for investors and entrepreneurs.

The reception of this new Solana ETF filing by the SEC remains to be seen, along with potential future developments.

At the time of writing, SOL's price has rebounded nearly 8% to $147 after briefly correcting to $121 on Monday.