VanEck’s head of digital asset research, Matthew Sigel, announced in a statement on the X platform on June 27 that the firm has applied to the US Securities and Exchange Commission (SEC) for the Solana ETF.

The new fund, called VanEck Solana Trust, aims to benefit from Solana’s decentralized structure, high usability and economic viability. According to Sigel, this trust is the first filing for the Solana ETF in the US.

Sigel shared a few comments on why they believe SOL is a commodity. He wrote:

“We believe the native token SOL functions similarly to other digital commodities such as Bitcoin and Ether. It is used to pay transaction fees and computational services on the blockchain. Like ether on the Ethereum network, SOL can be traded on digital asset platforms or used in peer-to-peer transactions.”

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