Original | Odaily Planet Daily ( @OdailyChina )_

Author | Nan Zhi (@Assassin_Malvo)

At 9 pm on the 27th, Beijing time, market news revealed that VanEck has submitted a Solana ETF application, igniting the token market in the Solana ecosystem. The price of SOL briefly exceeded 150 USDT, and leading tokens in the ecosystem such as WIF and RAY surged by over 10% within an hour.

Subsequently, Matthew Sigel, the head of digital asset research at VanEck, confirmed this news in a post on X platform. VanEck has applied to the U.S. Securities and Exchange Commission (SEC) for a Solana ETF, and this new fund is named VanEck Solana Trust, the first Solana ETF application in the United States.

Regarding the reason for applying for the Solana ETF, Matthew stated: "Solana is a competitor to Ethereum, capable of handling transactions such as payments, trading, gaming, and social interactions. The Solana blockchain operates as a single global state machine without the need for sharding or Layer 2, providing a better user experience. We believe that the combination of high throughput, low fees, strong security, and a robust community atmosphere makes Solana an attractive choice for ETFs, providing investors with a versatile and innovative open-source ecosystem."

Dawn is breaking, but approval is still distant

Although VanEck's move is another major milestone in the development of Solana, approval is still distant in terms of time and procedure.

Evgeny Gaevoy, founder of Wintermute, was the first to pour cold water on the situation, stating: "The possibility of a SOL ETF being approved this year is almost zero. It is quite foolish to wishfully think that this will be a priority for the Trump administration; once you truly see the inflow of funds for the ETH ETF, you will understand that even if the SOL ETF is approved, the inflow of funds will be even less." Evgeny added that Wintermute is a long-term supporter of SOL and ETH, but there should not be excessive boasting, and it is best to be realistic as the adoption of cryptocurrencies takes time.

James Seyffart, the Bloomberg analyst who received much attention for the Bitcoin application, also stated that if the White House changes to a new administration and the SEC undergoes personnel changes, the related applications may be launched at some point in 2025, but it may also not happen. James emphasized that after VanEck submitted the first SOL ETF in the United States, it is important to focus on whether other issuers will follow suit.

Looking back at VanEck and ETFs

As early as 2013, the U.S. SEC received the first Bitcoin ETF application, but there was no follow-up at the time due to the immature market.

In 2018, the Bitcoin ETF application began to reach its first peak, and VanEck was one of the pioneers in this wave. At that time, VanEck collaborated with SolidX to apply for a Bitcoin ETF, but it was rejected on February 27, 2019.

In October 2021, ProShares' Bitcoin futures ETF was approved and began trading, becoming the first approved Bitcoin-related ETF in the United States. In the same month, VanEck's Bitcoin futures ETF was approved. However, its Bitcoin spot ETF was rejected the following month, and the Bitcoin spot ETF was not approved until three years later, in January of this year.

The road to the birth of the Bitcoin ETF has been very rocky, with each major development taking years to progress. The dawn of the Solana ETF has appeared, but the road to approval is equally distant.

Commodity or security

The core reason why the Ethereum spot ETF was considered difficult to be approved by the market is that there is no consensus on whether Ethereum should be classified as a commodity or a security.

The reason why the 19b-4 document for the Ethereum spot ETF in May was able to pass is that all applying institutions modified the terms to ensure that ETH would not be involved in staking operations. Additionally, last week (June 18), the U.S. SEC announced the end of its investigation into Ethereum 2.0, undoubtedly a milestone victory, and once again sent a positive signal to the outside world: there may be a new shift in the wind regarding the staking of POS tokens, and tokens previously classified as securities may be recognized as commodities in the future.

Although the commodity and security attributes of other cryptocurrencies are still undecided, serving as a significant obstacle to ETF approval, this does not prevent leading institutions like VanEck from making early applications.

In fact, regarding the above, Matthew Sigel, head of digital asset research at VanEck, expressed his views in the post: "Why do we believe that SOL is a commodity like BTC, ETH, and others? We believe that the native token SOL has functions similar to other digital commodities, used for paying blockchain transaction fees and computational services. Like ETH on Ethereum, SOL can be traded on digital asset platforms or used for peer-to-peer transactions. The decentralized nature, high utility, and economic viability of SOL are consistent with the characteristics of other mature digital commodities, further strengthening our belief that SOL may become a valuable commodity."

However, this is only VanEck's opinion, and whether the SEC will approve a SOL spot ETF in the future remains to be seen.

Maintain cautious optimism

Although the approval of the Solana ETF is still a long way off based on the current market situation, cryptocurrency trading relies more on speculative expectations and does not need to wait for news to be confirmed before starting to rise. Every major development has the potential to drive the rise of tokens in the Solana ecosystem. Of course, in this process, market fluctuations are significant, and there are frequent ups and downs. Odaily reminds investors to pay attention to risks and use leverage cautiously.

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