According to VanEck’s head of digital currency research, they are the first US company to sign up for the Solana spot ETF.
VanEck, an early issuer of Bitcoin spot ETFs in the US, has filed for a Solana spot ETF.
According to Matthew Sigel, head of digital currency research at VanEck, announced on X that it filed an application for the Solana spot ETF with the U.S. Securities and Exchange Commission (SEC) on June 27.
Sigel discussed why VanEck considers Solana (SOL) a commodity. He explained that “SOL functions similarly to other cryptocurrencies like BTC and ETH.” SOL is used to pay for transaction fees and services on the blockchain.
Like ETH on the Ethereum network, SOL can be traded on digital currency platforms or used in peer-to-peer transactions.
Michael went on to say that “the unique combination of scalability, speed, and low cost of the Solana blockchain can deliver better user experiences for many use cases.”
VanEck sees huge potential in Solana’s ability to process thousands of transactions per second at low fees..
“By enabling thousands of transactions per second with minimal fees and using an advanced security mechanism that combines historical proof and proof of stake, we believe Solana is a powerful and easy-to-use blockchain platform. approach”
SOL is up 8.2% over the past 24 hours, right after VanEck announced news of its Solana spot ETF registration.
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