- Solana (SOL) price rose more than 8% after news that asset manager VanEck had filed for a Solana ETF.
- The VanEck Solana Trust is the first SOL exchange-traded fund application in the US.
SOL, the native token of the Solana blockchain, rose sharply on Thursday as the market reacted to news of VanEck filing for a spot Solana ETF.
According to data from CoinGecko, the price of Solana moved from a low of $138 to above $150, adding more than 8% in intraday gains.
Solana’s trading volume also spiked, increasing by more than 26% to over $2.8 billion.
VanEck files for Solana ETF
On June 27, VanEck, an asset manager that also offers a spot Bitcoin ETF and has its spot Ethereum ETF on the verge of trading debut, made history as the first firm in the US to file for a Solana exchange-traded fund (ETF).
The firm filed for its VanEck Solana Trust with the US Securities and Exchange Commission (SEC), noting in a statement that the company believes SOL to be a commodity as are BTC and ETH.
“SOL’s decentralized nature, high utility, and economic feasibility align with the characteristics of other established digital commodities, reinforcing our belief that SOL may be a valuable commodity with use cases for investors, builders, and entrepreneurs looking for alternatives to the duopoly app stores,” Matthew Sigel, VanEck’s head of digital asset research, said in a statement posted on X.
The community’s reaction suggests this could be another positive development in the crypto space. SEC’s approval of BTC ETFs in January and the recent not to spot Ether ETFs have analysts pointing at a maturing crypto ecosystem.
Recently, the firm 3iQ became the first to file for a Solana ETF with an application in Canada.