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Bybit

BREAKING: First Spot Solana ETF Filing Officially Submitted In The US

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a significant move that marks a new milestone for the entire cryptocurrency industry, leading asset manager and Bitcoin Exchange-Traded Fund (ETF) issuer VanEck has officially filed the first-ever Spot Solana ETF with the US Securities and Exchange Commission (SEC).

VanEck Files For Spot Solana ETF

The Solana ETF filing announcement was made by Matthew Sigel, VanEck’s head of digital asset research, through a social media post.

Sigel highlighted the rationale behind this groundbreaking step, emphasizing Solana’s potential as a competitor to Ethereum and its ability to offer diverse applications, including payments, trading, gaming, and social interactions. 

Related Reading: Bitcoin Donor Exposed? Here’s Who Likely Sent $500,000 To Julian Assange

With its combination of scalability, speed, and low costs, Sigel believes that the Solana blockchain has the potential to provide an enhanced user experience across a wide range of use cases.

VanEck further believes that the combination of high throughput, low fees, strong security, and a vibrant community makes Solana an attractive option for a Solana ETF, allowing investors to gain exposure to a “versatile and innovative” open-source ecosystem.

 SOL’s Utility As Digital Commodity

VanEck also draws parallels between SOL, the native token of Solana, and other digital commodities like Bitcoin and Ethereum. According to Sigel, SOL serves as a means of payment for transaction fees and computational services on the Solana blockchain. 

Similar to Ether on the Ethereum network, SOL can be traded on digital asset platforms or used for peer-to-peer transactions.

Moreover, Sigel noted that due to SOL’s decentralized nature, high utility, and economic viability, VanEck considers it to possess characteristics akin to established digital commodities. This reinforces the belief that SOL holds value and offers use cases for investors, builders, and entrepreneurs seeking alternatives to traditional app stores.

Related Reading: Crypto Queen Wanted: US Raises Reward To $5 Million For OneCoin Mastermind

It remains to be seen how this new Solana ETF filing will be received by the SEC and what further developments will unfold on this matter.

Solana ETF
The daily chart shows SOL’s price trending upwards. Source: SOLUSD on TradingView.com

At the time of writing, SOL has rebounded nearly 8% to $147 after a experiencing a brief correction to $121 on Monday. 

Featured image from DALL-E, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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