VanEck files first U.S. Solana ETF application, how far away is approval?

1. At 21:00 on the evening of the 27th, Beijing time, market news said that VanEck submitted an application for Solana ETF, which instantly ignited the token market of the Solana ecosystem. The price of SOL once exceeded 150 USDT, and leading ecological tokens such as WIF and RAY The currency rose by more than 10% in one hour.

2. Subsequently, VanEck’s head of digital asset research, Matthew Sigel, published an article on the Solana ETF filed in the United States.
3. Talking about why he applied for Solana ETF, Matthew said: "Solana is a competitor of Ethereum and can handle payments, transactions, games and social interactions. The Solana blockchain runs as a single global state machine without the need for sharding or Layer 2, providing a better user experience. We believe that the combination of high throughput, low fees, strong security and a strong community atmosphere make Solana an attractive choice for ETFs, providing investors with a Functional and innovative open source ecosystem. "
4. The dawn is beginning, but approval is still far away

Although VanEck's move is another major milestone in Solana's development history, it is still time and process away from actual approval. on or still far away.

Wintermute founder Evgeny Gaevoy was the first to speak and poured cold water on it. He said: "The possibility of the SOL ETF being approved this year is almost zero. It is quite foolish to wishfully believe that this will become a priority of the Trump administration; once If you really see the inflows into the ETH ETF, you will understand that even if the SOL ETF is approved, the inflows will only be less." Evgeny added that Wintermute is a long-term supporter of SOL and ETH, but it should not be overstated. , just be realistic, cryptocurrency adoption takes time.

Bloomberg analyst James Seyffart, who has received much attention in previous Bitcoin applications, also wrote that if the White House changes to a new administration and the SEC completes personnel changes, the relevant application may be launched sometime in 2025, but it may not be accomplish. James stressed that after VanEck filed the first U.S. SOL ETF, it will be important to keep an eye on whether other issuers will follow suit.

5. Looking back at VanEck and ETFs

As early as 2013, the US SEC received the first Bitcoin ETF application, but at that time there was no follow-up due to the immaturity of the market.

In 2018, Bitcoin ETF applications began to reach their first climax, and VanEck was one of the pioneers in this wave. At that time, VanEck and SolidX collaborated to apply for a Bitcoin ETF, but it was rejected on February 27, 2019.

In October 2021, ProShares’ Bitcoin Futures ETF was approved and began trading, making it the first approved Bitcoin-related ETF in the United States. That same month, VanEck’s Bitcoin futures ETF was approved. But its Bitcoin spot ETF was rejected the following month, and it wasn’t until three years later, in January of this year, that the Bitcoin spot ETF was approved by the SEC as it was known.

The birth of Bitcoin ETF is very bumpy, and every major development needs to be promoted on an annual basis. The Solana ETF is on the horizon, but the path to approval is also long.

6. Commodities or securities

The reason why the Ethereum spot ETF was previously considered difficult to pass approval by the market was that the core reason was that it was still unclear whether Ethereum should be classified as a commodity or a security.

The reason why the 19b-4 document of the Ethereum spot ETF in May was passed is because each applicant institution modified the terms to ensure that ETH will not involve pledge interest-earning operations. In addition, last week (June 18), the U.S. SEC announced the end of its investigation into Ethereum 2.0, which is undoubtedly a phased victory and once again sent a positive signal to the outside world: POS token staking may usher in a new trend. Change, tokens that were once recognized as securities may be recognized as commodities in the future.

Although the commodity and security attributes of other cryptocurrencies are still unresolved, which has become an important factor hindering the adoption of ETFs, it does not prevent leading institutions like VanEck from arranging applications in advance.

In fact, regarding the above, Matthew Sigel, director of digital asset research at VanEck, expressed his views in a post: "Why do we think SOL is a commodity like BTC, ETH, etc.? We believe that the functions of the native token SOL are different from other digital Similar to commodities, it is used to pay for transaction fees and computing services on the blockchain. Like ETH on Ethereum, SOL can be traded on digital asset platforms or used for peer-to-peer transactions. SOL’s decentralized nature, high utility, and The economic feasibility is consistent with the characteristics of other mature digital commodities, which further strengthens our belief that SOL can become a valuable commodity. "

But this is only VanEck's opinion, whether the SEC will pass SOL's spot ETF in the future. That remains to be seen.

7. Stay cautiously optimistic

Although based on current market conditions, the approval of Solana ETF is still a long way off. However, transactions in the crypto market rely more on expected hype and do not need to wait for the news to actually hit the ground to start rising. Every major development may become a wave that promotes the rise of the Solana ecological series of tokens. Of course, during this process, the market fluctuates greatly and pins are inserted up and down more frequently. Odaily reminds investors to pay attention to risks and use leverage with caution.

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