Investment firm VanEck has filed an application with the U.S. Securities and Exchange Commission (SEC) to launch the first exchange-traded fund (ETF) tied to the spot price of Solana (SOL) cryptocurrency. This move comes on the heels of the SEC's recent approval of spot Bitcoin ETFs and the anticipated approval of spot Ether ETFs.

VanEck, known for being an early mover in the crypto ETF space, believes that SOL functions similarly to other digital commodities like Bitcoin and Ether. The company argues that SOL is used to pay transaction fees and computational services on the Solana blockchain, which competes with Ethereum with its unique combination of scalability, speed, and low costs.

The proposed "VanEck Solana Trust" aims to reflect the performance of SOL's price, excluding the expenses of the trust's operations. If approved, the ETF will be listed on the Cboe BZX Exchange. VanEck's filing has already had a positive impact on the SOL token, with its price jumping by almost 8% since the filing went live.

Experts suggest that if the SEC approves spot Ether ETFs, it would be challenging for the agency to deny a similar product for Solana, as they function in essentially the same manner. However, some analysts believe that serious conversations around a Solana ETF may not start until 2025, and its approval is not guaranteed, even under a potentially crypto-friendly administration.