Fund management company VanEck has applied for a Solana ETF that tracks SOL prices in the United States. According to Matthew Sigel, head of digital asset research at VanEck, the “VanEck Solana Trust” plans to list on the Cboe BZX Exchange, a securities exchange under the Chicago Options Exchange (CBOE), and will hold Solana’s native token SOL. The fund will also value its shares daily based on the reported MarketVectorTM Solana benchmark interest rate.
Sigel claimed in a tweet that SOL is a commodity because it has “similar functionality” to Bitcoin (BTC) and Ethereum (ETH). However, the issue of whether certain cryptocurrencies are securities under the jurisdiction of the US Securities and Exchange Commission (SEC) or commodities under the jurisdiction of the Commodity Futures Trading Commission (CFTC) remains unresolved.
After VanEck announced its application for a US Solana ETF, the price of SOL rose nearly 8% within two hours, and as of the time of writing, the trading price of SOL was approximately $150.8.