SOL spikes 6% following VanEck's spot Solana ETF filing
Solana surged over 6% minutes after VanEck filed a spot Solana ETF with the Securities and Exchange Commission.
Solana's price surged following a new exchange-traded fund filing from the asset manager VanEck.
Solana rose from $139.10 to about $148 just minutes after the filing dropped, marking an immediate 6.47% spike. The token gained 8.45% over the past 24 hours as well, according to The Block's solana price page . Solana's market capitalization was $68 billion as of publication time.
On Thursday morning, VanEck filed an S-1 form with the Securities and Exchange Commission for the VanEck Solana Trust. Upon announcing the submission, VanEck Head of Digital Asset Research Matthew Sigel explained the firm's reasoning for the filing and why Solana is a commodity.
"We believe the native token, SOL, functions similarly to other digital commodities such as Bitcoin and ETH," Sigel wrote on the social media platform X. "It is utilized to pay for 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."
The SEC approved VanEck's spot ether ETF to be listed on stock exchanges on May 23, but the fund still awaits approval. The same agency greenlit VanEck's spot bitcoin ETF HODL on Jan. 10 along with ten other funds , The Block previously reported.
The Block reached out to a VanEck representative for comment.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
38% Dogecoin Rebound, Cardano Tests AI Limits, But Unstaked’s AI Advantage Steals the Show
Dogecoin (DOGE) jumps 38%, and Cardano (ADA) launches an AI testnet, but Unstaked’s advanced AI agents go beyond marketing, offering real impact and value.Dogecoin (DOGE) Future: Aiming for $3.94 with MomentumCardano (ADA) Blockchain Tests AI ScalabilityUnstaked: AI That Goes Beyond MarketingFinal Take: Real AI Utility vs. Hype
ETH Trades at Historic Lows vs BTC Since 2019
ETH hits lowest value compared to BTC since 2019, raising questions on a potential rebound amid mixed fundamentals.ETH Undervalued Against BTC: A Historical SetupBullish History, Bearish FundamentalsPatience Required for Ethereum Bulls
Popcat Climbs, Dogecoin Stalls, But BTFD Triples Tokens with 200% Bonus—Best Meme Coin Presale to Buy Now Before May 26 DeadlineConclusion: Don’t Mis
BTFD Coin surges in Stage 15 with 90% APY staking and 200% bonus. Best meme coin presale to buy now before it launches on May 27!BTFD Coin (BTFD) – The Bulls Are Charging, Are You In?Dogecoin (DOGE) – The OG Meme King Facing Shaky GroundPopcat (POPCAT) – The Smart Money Magnet of the Moment
SHIBA’s Hype Fades, ADA Devs Work; Meanwhile, Web3 ai Becomes Highest Trending Crypto With $500K Frenzy
Explore Shiba Inu (SHIBA) recovery trends, Cardano (ADA) prediction backed by developer growth, and how Web3 ai’s Portfolio Optimizer replaces guesswork with smart strategy. Learn why Web3 ai is gaining traction among the highest trending crypto tools.Web3 ai’s Portfolio Optimizer Turns Guesswork Into GainsShiba Inu (SHIBA) Recovery Sparks Renewed Interest After Key Price ReboundCardano (ADA) Prediction: Development Surge Fuels Bullish OutlookStrategy Over Speculation
Trending news
MoreCrypto prices
More
