<img src="https://crypto.news/app/uploads/2024/03/crypto-news-Is-Vitalik-worried-about-Solana-option02.webp” />
Solana ETF offerings have started to arrive at the SEC as Wall Street abuzz with cryptocurrency chatter and the regulatory landscape for digital assets shifts.
Following VanEck's bet on a Solana Trust (SOL), asset manager 21Shares has filed its “21Shares Core Solana ETF” with the Securities and Exchange Commission (SEC), documents sent Friday showed. Both filings notably removed crypto bets from the offerings, a common decision for cryptocurrency-backed ETFs lately.
21Shares’ Solana ETF application is the second of its kind, as SOL has risen to prominence during this cycle alongside heavyweights like bitcoin (btc) and ethereum (eth). Following the successful bitcoin ETF approvals and upcoming ethereum ETF approvals, SOL has made waves around the world as the next cryptocurrency to take on the exchange-traded fund wrapper used to attract institutional capital.
Despite the hype, experts and industry leaders, such as the CEO of Wintermute x.com/EvgenyGaevoy/status/1806324062639063122″ target=”_blank” rel=””>Evgeny Gaevoyargue that bringing SOL spot ETFs to market will be nearly impossible until at least next year. Gaevoy also predicted that low capital inflows into eth spot ETFs could deter investors from purchasing another cryptocurrency investment product.
Solana ETF Issuers Sing the State of SOL Commodities
The classification of the native Solana token as a commodity rather than a security has been a common theme among the SOL spot ETFs introduced so far. The underlying strategy and thesis of SOL-backed funds mirrors the path followed by potential ethereum spot ETF issuers.
On June 27, VanEck head of digital asset research Matthew Sigel wrote that SOL works similarly to other digital products like bitcoin and Ether as a transaction fee service and payment currency for blockchain computing services.
Furthermore, Sigel stated that no entity or intermediary controls the SOL network, further cementing its decentralized framework and commodity status. “The wide range of applications and services supported by the SOL ecosystem, from decentralized finance (defi) to nfts, underscores the usefulness and value of SOL as a digital commodity,” said Sigel.
