In a pioneering maneuver, asset management titan VanEck has submitted an application to introduce a Solana (SOL) exchange-traded fund (ETF) in the United States, marking the inaugural registration of its kind within the nation. This pivotal filing arrives a mere six days subsequent to 3iQ’s analogous submission for a similar product in Canada.

The lodgment of the S-1 registration form with the Securities and Exchange Commission (SEC) has propelled the SOL token to an impressive 8% ascent over a 24-hour period. Concurrently, the CoinDesk 20 Index (CD20), a comprehensive barometer of the broader cryptocurrency market, has witnessed a 1.8% increase.

VanEck’s reputation as a trailblazer in the ETF domain is well-established. The firm was the vanguard in applying for a spot ether (ETH) ETF in 2021, preceding the SEC’s engagement with prominent issuers such as BlackRock, Fidelity, and Ark Invest by nearly three years. Another significant filing by VanEck was recorded in September of the previous year.

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“We perceive the native token, SOL, as functioning akin to other digital commodities like bitcoin and ETH,” articulated Matthew Sigel, VanEck’s head of digital assets research, in a post on X. Sigel contended that SOL is a commodity, not a security, citing its utility in covering transaction fees and computational services on the blockchain.

Sigel elucidated that VanEck’s initiative to file for a Solana ETF stems from the blockchain’s competitive edge over Ethereum, characterized by its “unique amalgamation of scalability, velocity, and minimal costs.”

The SEC’s approval of the inaugural spot bitcoin (BTC) ETF in January has set the stage, with an ether ETF anticipated to be imminent. Analysts forecast that ETH ETFs could attract $5 billion in net inflows within the initial five months of their launch.

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Several industry experts posit that subsequent to an ETH ETF approval, SOL would be the next cryptocurrency to be encapsulated within such a fund, due to its resemblance to Ethereum, thereby classifying it as a commodity. Nonetheless, they speculate that substantive discussions regarding such a product may not commence until 2025. Additionally, Geoffrey Kendric, an analyst at Standard Chartered Bank, suggested that Ripple’s XRP might also be considered a viable option for future ETF inclusion.