VanEck files for the first Solana ETF in the US, calls SOL a commodity

Asset manager VanEck filled for the first Solana (SOL) trust in the US, according to an S-1 Form submitted to the SEC. Matthew Sigel, Head of Digital Assets at VanEck, praised the network and called SOL a commodity. According to Bloomberg analyst Eric Balchunas, the filing aims to launch an exchange-traded fund (ETF).

Labeled VanEck Solana Trust, the filing comes after the spot Bitcoin exchange-traded fund (ETF) from the asset manager went live in Australia. VanEck is also among the asset management firms that received a green light from the US regulator to launch a spot Ethereum ETF, and are now waiting for approval to start trading.

Matthew Sigel, Head of Digital Assets Research at VanEck, explained on X the reasons behind the listing. He praised Solana’s high throughput and even shared the asset management firm’s belief that SOL is a commodity.

“Operating as a single global state machine without sharding or layer 2s, the Solana blockchain’s unique combination of scalability, speed, and low costs may offer a better user experience for many use cases,” stated Sigel.

He then added that SOL “functions similarly to other digital commodities such as Bitcoin and Ethereum. “It is utilized to pay for transaction fees and computational services on the blockchain. Like ether on the Ethereum network, SOL can be traded on digital asset platforms or used in peer-to-peer transactions.”

Notably, the S-1 form is an initial registration required by the US Securities and Exchange Commission (SEC) before a security can be publicly traded.

Moreover, Sigel calls Solana decentralized, assessing that the transaction validation and recordkeeping infrastructure are collectively maintained by a diverse user base comprising numerous independent validators distributed globally.

“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.”