Asset manager VanEck has taken a huge step forward by filing for the first Solana (SOL) trust in the United States. This comes after the successful launch of a Bitcoin ETF in Australia and the upcoming Ethereum ETF in the United States.
VanEck's Head of Digital Assets Matthew Sigel spearheaded this endeavor. He recognizes Solana's performance and designated SOL as a commodity.
According to Sigel, Solana's unique features—scalability, speed, and cheap fees—help to improve user experiences for a variety of applications. He compared SOL's functioning to other digital commodities such as Bitcoin and Ethereum. However, he pointed out its usage in transaction fees and peer-to-peer trade as a superior feature.
Registration with the SEC using an S-1 Form is a critical step toward potentially establishing a Solana-based ETF. Sigel praised Solana's decentralized character. He also mentioned that its appeal as a high utility and commercially viable makes it extremely worthwhile for investors and developers.
This strategy shows VanEck's dedication to expanding into digital commodities that provide different investment opportunities.
