VanEck Files for Spot Solana ETF as SOL Price Jumps 8%

SOL, the native token of the Solana blockchain, rose sharply on Thursday as the market reacted to news of VanEck filing for a spot Solana ETF.

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Breaking News, Commodity, Cryptocurrency, Digital Assets, ETFs, Markets, SOL, Token, Tokens, Trending Now, UpdatesVanEck files for a spot Solana ETF following SEC's green light for digital asset commodity ETFs. Here's how SOL price reacted

The price of Solana (CRYPTO: SOL) soared on Thursday after asset manager VanEck filed for a spot Solana exchange-traded fund (ETF) with the US Securities and Exchange Commission.

Solana soared on Thursday as the market reacted to news of VanEck filing for a spot Solana ETF. CoinGecko data showed that SOL price moved from a low of $138 to above $150, adding more than 8% in intraday gains.

Solana’s trading volume also spiked on Thursday. It increased by more than 26% to over $2.8 billion.

VanEck files for Solana ETF: what you need to know

On June 27, VanEck, an asset manager that also offers a spot Bitcoin ETF and has its spot Ethereum ETF on the verge of trading debut, made history as the first firm in the US to file for a Solana exchange-traded fund (ETF) with the US Securities and Exchange Commission.

The asset management firm filed for its VanEck Solana Trust with the US Securities and Exchange Commission. In a statement, the company noted that it believes SOL is a commodity like BTC and ETH.

“SOL’s decentralized nature, high utility, and economic feasibility align with the characteristics of other established digital commodities, reinforcing our belief that SOL may be a valuable commodity with use cases for investors, builders, and entrepreneurs looking for alternatives to the duopoly app stores,” Matthew Sigel, VanEck's head of digital asset research, said in a statement posted on X.

The community’s reaction suggests this could be another positive development in the crypto space. SEC’s approval of BTC ETFs in January and the recent nod to spot Ether ETFs have analysts pointing at a maturing crypto ecosystem.

Recently, the firm 3iQ became the first to file for a Solana ETF with an application in Canada.

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