VanEck, a prominent exchange-traded fund (ETF) issuer, has submitted a filing with the U.S. Securities and Exchange Commission (SEC) for a Solana-based ETF, causing a significant rally in the cryptocurrency's price. The token surged by up to 11%, marking its highest increase since late May, following the filing on Thursday.

VanEck aims to launch the VanEck Solana Trust, which would hold the token directly. The filing, however, lacks a ticker symbol or any associated fees. This move aligns with the growing trend of new applications for ETFs focused on various cryptocurrencies, as issuers seek innovative ways to introduce these products following the success of Bitcoin ETFs launched earlier this year.

Solana currently ranks as the fifth-largest crypto by market cap, with a remarkable 900% gain in 2023. Rich Rosenblum, co-CEO of digital-asset firm GSR, highlighted Solana's role in Web3, emphasizing its substantial utilization rather than just its price rise.

The crypto community is now eagerly anticipating the debut of funds based on Ether, the second-largest token. VanEck's filing underscores the increasing interest in diversified crypto assets and the push for broader acceptance and integration of these assets into mainstream financial instruments.