Investing.com – Cryptocurrency asset management firm VanEck made a move this week that has crypto sector participants excited for a second time.
After filing the necessary documents with the SEC this week to begin trading an ETF, VanEck officially filed today to issue a spot ETF.
Matthew Sigel, VanEck’s director of digital asset research, announced today on X that VanEck has applied to issue the first SOL ETF in the U.S. Details of the application show that VanEck Solana Trust is planned to be listed on the Cboe BZX exchange, and according to the company’s release, SOL assets will be held by VanEck and valued against MarketVectorTM’s Solana Reference Rate.
The SEC had labeled Solana as a security
On the other hand, following VanEck's request, the issue of the SEC's definition of many altcoins, including Solana, as securities came to light during its lawsuit against Binance last year.
Matthew Sigel stated that they believe Solana is a commodity and claimed that the cryptocurrency works similarly to Ethereum. However, the fact that the SEC considers other cryptocurrencies besides Bitcoin and Ethereum as securities is considered the biggest obstacle to the ETF approval.
However, it seems that cryptocurrency investors are not yet bothered by such concerns. Following the announcement of VanEck's Solana ETF spot application, the overall market outlook turned positive.
Solana saw a value increase of close to 10% in a short time and reached the $150 threshold in the last hour. Bitcoin's daily value increase is currently around 1.5%, while Ethereum is trading at $3,450 with an increase of 2.5%.
Among the top 100 cryptocurrencies, and they lead with increases in value of more than 10%, while the AI and tokens, which are about to merge, have recorded drops of more than 10%.
