# VanEck Files for Spot Solana ETF

*Author: David Christopher*
*Published: Jun 27, 2024*
*Source: https://www.bankless.com/vaneck-sol-etf*

---

VanEck filed for a spot Solana ETF with the SEC this morning that, if approved, would be listed on the Cboe BZX exchange.

### What's the scoop?
- **Regulatory Uncertainty:** [VanEck acknowledges](https://blockworks.co/news/vaneck-files-for-solana-etf) a lack of clear regulatory guidance on handling spot SOL transactions, arguing that Solana should be treated as a commodity, contrasting with the SEC's stance last summer, which classified Solana as an unregistered security.
- **Expert Commentary: **Matthew Sigel, VanEck’s head of digital assets research, likened SOL's role to that of BTC and ETH, emphasizing its utility for transaction fees and computational services on the network.
- **Market Context: **VanEck is the first US firm to file for a Solana ETF. Meanwhile, [in Canada, 3iQ has proposed](https://www.bankless.com/solana-etp-canada) a Solana exchange-traded product (ETP) to be listed on the Toronto Stock Exchange, pending approval.

### Bankless Take:
VanEck's SOL filing marks a significant step for the asset and the industry as a whole. Positioning SOL as a commodity puts the SEC on the defensive over its previous classification of SOL as a security. It’s important we not get ahead of ourselves though – we’re still waiting for the ETH ETFs – so in the most bullish outcome, it would likely be a *while* before we see Solana on the stock market. That said, the race is on, and hopefully, with another stake-able asset applying for an ETF, it will provide the SEC more impetus to clarify how exactly staking affects asset classification.

> Solana Surges After VanEck Files for Fund Based on the Token [pic.twitter.com/U8K9vkH4kd](https://t.co/U8K9vkH4kd)— matthew sigel, recovering CFA (@matthew_sigel) [June 27, 2024](https://twitter.com/matthew_sigel/status/1806327898187403469?ref_src=twsrc%5Etfw)