Asset management firm VanEck has filed for the first Solana (SOL) exchange-traded fund (ETF) in the United States, just six days after a similar product was registered in Canada by 3iQ. This filing, made with the U.S. Securities and Exchange Commission (SEC) using the S-1 registration form, contributed to an almost 8% rise in the SOL token’s value over 24 hours. In comparison, the broader crypto market, as measured by the CoinDesk 20 Index (CD20), saw a gain of 1.8%.

VanEck has a history of pioneering in the ETF space. The firm was the first to apply for a spot ether (ETH) ETF in 2021, well ahead of the SEC’s current engagement with several issuers, including BlackRock, Fidelity, and Ark Invest. VanEck made an additional filing in September of the previous year. Matthew Sigel, VanEck’s head of digital assets research, argued that SOL should be considered a commodity like Bitcoin and ETH, due to its use in paying for transaction fees and computational services on the blockchain.

Sigel emphasized that VanEck’s decision to file for a Solana ETF is based on the blockchain’s competitive edge over Ethereum, highlighting Solana’s unique combination of scalability, speed, and low costs. The SEC approved the first spot Bitcoin (BTC) ETF in January, and there is an anticipation that an ether ETF will soon follow. Analysts predict that the approval of an ETH ETF could attract $5 billion in net inflows within the first five months.

Experts believe that if an ETH ETF gets the green light, Solana could be the next cryptocurrency to be considered for such a fund due to its similarities to Ethereum. However, discussions around a Solana ETF are expected to gain traction only by 2025. Geoffrey Kendric of Standard Chartered Bank also mentioned Ripple’s XRP as a potential candidate for a future ETF. Bloomberg Intelligence ETF analyst James Seyffart suggested that the launch of such products might depend on a change in the U.S. administration and SEC leadership, with no guarantee even then.

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