As a researcher with a background in cryptocurrencies and financial markets, I’m keeping a close eye on the latest developments surrounding Solana ETFs at the SEC. The recent filings by VanEck and 21Shares for Solana-backed Exchange-Traded Funds (ETFs) add to the growing buzz in the industry.
The SEC has begun receiving applications for Solana ETFs as Wall Street engages in intense discussions about cryptocurrencies, with the digital asset regulatory landscape undergoing significant changes.
Wealth manager 21Shares has announced its intention to create a new exchange-traded fund (ETF) focused on Solana (SOL) by filing an application with the Securities and Exchange Commission (SEC). This move comes after VanEck’s proposal for a similar Solana trust. Notably, both applications omitted crypto staking from their plans, following a recent trend among crypto-backed ETF filings.
As a crypto investor, I’m excited about the latest development in the world of digital assets: the 21Shares spot Solana ETF application. This is the second application of its kind for a cryptocurrency, as Solana (SOL) has gained significant attention during this market cycle, standing shoulder-to-shoulder with heavyweights like Bitcoin (BTC) and Ethereum (ETH).
Experts and industry insiders, including Wintermute CEO Evgeny Gaevoy, contend that launching spot Solana Exchange-Traded Funds (ETFs) in the market is an unrealistic prospect until at least the next year. Gaevoy further posits that weak investment inflows into spot Ethereum ETFs could dissuade potential investors from considering another crypto-related financial product.
Solana ETF issuers chant SOL commodity status
As an analyst, I have observed a consistent trend in the classification of Solana’s native token, SOL, as a commodity rather than a security in filings for potential spot ETFs. This approach aligns with the strategy and underlying thesis of funds focused on SOL. Similar to the path taken by prospective issuers of Ethereum-backed ETFs, this perspective emphasizes the decentralized nature and utility aspects of the token, rather than any potential securities features.
On June 27, Matthew Sigel, the head of digital assets research at VanEck, pointed out that Solana (SOL) operates in a manner similar to other digital commodities such as Bitcoin and Ethereateras a means for facilitating transaction fees and serving as a currency for computational services on its blockchain.
As a crypto investor, I can tell you that Sigel emphasized the importance of Solana’s (SOL) decentralization. He pointed out that no individual or intermediary holds control over the SOL network, adding to its secure and autonomous structure. Moreover, the extensive range of applications and services available within the Solana ecosystem, such as decentralized finance (DeFi) and NFTs, highlights the significance of SOL as a valuable digital commodity due to its utility.
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2024-06-28 20:50