Asset manager VanEck has filed to launch a %Solana (CRYPTO: $SOL) exchange-traded fund (ETF) in the United States.
The registration filed with the U.S. Securities and Exchange Commission (SEC) is the first attempt to bring a Solana ETF to the American market.
VanEck was previously the first asset manager to file for a spot %Ethereum (CRYPTO: $ETH) ETF back in 2021, and it currently runs a spot %Bitcoin (CRYPTO: $BTC) ETF called the %VanEckBitcoinTrust (AMEX: $HODL).
VanEck said on social media that it filed for a Solana ETF because the blockchain acts as a competitor to Ethereum, though it has superior “scalability, speed and low costs.”
The SEC approved the first spot Bitcoin ETF in January of this year, followed by Ethereum ETFs at the end of May.
Several crypto analysts have said that a Solana ETF is likely to be the next fund approved by the SEC, along with Ripple’s XRP token.
VanEck said it doesn’t expect its Solana ETF application to be approved by the SEC until 2025, at the earliest.