VanEck Files for Spot Solana ETF

VanEck filed for a spot Solana ETF with the SEC this morning that, if approved, would be listed on the Cboe BZX exchange.

What's the scoop?

• Regulatory Uncertainty: VanEck acknowledges a lack of clear regulatory guidance on handling spot SOL transactions, arguing that Solana should be treated as a commodity, contrasting with the SEC's stance last summer, which classified Solana as an unregistered security.
• Expert Commentary: Matthew Sigel, VanEck’s head of digital assets research, likened SOL's role to that of BTC and ETH, emphasizing its utility for transaction fees and computational services on the network.
• Market Context: VanEck is the first US firm to file for a Solana ETF. Meanwhile, in Canada, 3iQ has proposed a Solana exchange-traded product (ETP) to be listed on the Toronto Stock Exchange, pending approval.

Bankless Take:

VanEck's SOL filing marks a significant step for the asset and the industry as a whole. Positioning SOL as a commodity puts the SEC on the defensive over its previous classification of SOL as a security. It’s important we not get ahead of ourselves though – we’re still waiting for the ETH ETFs – so in the most bullish outcome, it would likely be a while before we see Solana on the stock market. That said, the race is on, and hopefully, with another stake-able asset applying for an ETF, it will provide the SEC more impetus to clarify how exactly staking affects asset classification.