As Wall Street buzzes with cryptocurrency chatter and regulatory landscapes shift, Solana ETF proposals are beginning to appear at the Securities and Exchange Commission (SEC).
Following VanEck’s recent proposal for a Solana (SOL) Trust, asset manager 21Shares has also submitted its own “21Shares Core Solana ETF” filing to the SEC, according to documents filed on Friday. Both submissions notably exclude crypto staking from their bids, aligning with the trend seen in other recent crypto-backed ETFs.
This application from 21Shares marks the second attempt to launch a spot Solana ETF, highlighting SOL’s increasing prominence alongside major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). With Bitcoin ETFs already approved and Ethereum ETFs on the horizon, Solana is positioning itself as the next cryptocurrency to be packaged into an exchange-traded fund to attract institutional capital.
Despite the growing excitement, industry experts like Wintermute CEO Evgeny Gaevoy caution that the launch of spot SOL ETFs may not materialize until at least next year. Gaevoy also suggested that the modest capital inflows into spot Ethereum ETFs could dampen investor enthusiasm for new crypto investment products.
Solana ETF Issuers Advocate for SOL’s Commodity Status
A common theme among spot Solana ETF filings is the classification of Solana’s native token as a commodity rather than a security. This strategy mirrors the approach taken by potential spot Ethereum ETF issuers.
On June 27, Matthew Sigel, VanEck’s head of digital assets research, argued that SOL operates similarly to other digital commodities like Bitcoin and Ether, functioning as a transaction fee mechanism and payment currency for blockchain computational services.
Sigel further emphasized that no single entity or intermediary exerts control over the SOL network, reinforcing its decentralized nature and commodity status. He noted, “The broad range of applications and services supported by the SOL ecosystem, from decentralized finance (DeFi) to NFTs, underscores SOL’s utility and value as a digital commodity.”
As the SEC reviews these proposals, the outcome will be closely watched by the industry, potentially setting new precedents for the classification and regulation of emerging digital assets.
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