Offers to buy the Solana ETF have started pouring in to the US Securities and Exchange Commission at a time when Wall Street is buzzing about cryptocurrencies and the changing course of the regulatory landscape for digital assets.
Following VanEck’s bet on Solana (SOL) Trust, fellow wealth manager 21Shares has filed the “21Shares Core Solana ETF” with the Securities and Exchange Commission (SEC), with documents Presenter Friday’s filings showed that both noticeably removed cryptocurrency betting from the bids, a common move for crypto-backed ETFs recently.
The order for the 21Shares spot Solana ETF is the second of its kind, with SOL taking center stage this session alongside major currencies such as Bitcoin (BTC) and Ethereum (ETH). Following the successful approvals of the upcoming Bitcoin ETF and Ethereum ETF, SOL has made the rounds as the next cryptocurrency to take on the shell of an ETF used to attract institutional capital.
Despite the hype, experts and industry leaders, such as Wintermute CEO Evgeny GaivoyHe argues that bringing SOL spot ETFs to market will be nearly impossible until at least next year. Givoy also predicted that lower capital flows into ETH ETFs may discourage investors from purchasing another cryptocurrency investment product.
Solana ETF issuers cheer SOL commodity position
Classifying Solana’s native token as a commodity rather than a security has been a common theme among spot SOL ETF filings thus far. The strategy and basic thesis for SOL-backed funds mirror the path followed by Ethereum ETF issuers.
On June 27, Matthew Siegel, head of digital assets research at VanEck, wrote that SOL functions similarly to other digital commodities like Bitcoin and Ether as a transaction fee facility and payment currency for blockchain computational services.
Additionally, Siegel posited that no single entity or intermediary controls the SOL network, reinforcing its decentralized framework and status as a commodity. “The wide range of applications and services powered by the SOL ecosystem, from decentralized finance (defi) to NFTs, underscores the utility and value of SOL as a digital commodity,” according to Siegel.