As a seasoned analyst with years of experience navigating the complexities of the financial industry and the digital asset space, I find VanEck’s commitment to launching a Spot Solana ETF commendable. The firm’s unwavering belief in Solana’s potential, despite regulatory hurdles and temporary setbacks, is a testament to their deep understanding of the crypto market.
Despite challenges in regulatory approval for Spot Solana Exchange-Traded Funds (ETFs), VanEck, a well-known asset management company, has affirmed that their prospectus remains active, signaling strong faith in the fund’s upcoming launch on the U.S. market in the near term.
VanEck’s Head Expresses Firm’s Commitment Toward Spot Solana ETFs
Last week, it was revealed that the application forms for the VanEck and 21Shares Solana spot ETF on the CBOE website were no longer accessible. This development sparked a flurry of speculation within the community, as some supporters began to wonder if VanEck had withdrawn its request for these funds with the U.S. Securities and Exchange Commission (SEC).
Despite the recent removal of its filing by the CBOE, which is thought to be due to US SEC actions, Matthew Sigel, VanEck’s top researcher, has confirmed that the company’s fund’s submission remains active. Sigel’s statement underscores VanEck’s determination to introduce a spot Solana ETF, although this withdrawal may have temporarily slowed down the launch process.
He stated:
As an analyst, I’ve observed a notable absence of the 19b-4 filing related to the VanEck Solana Spot ETF on the CBOE website. It’s essential to understand that exchanges like Nasdaq and CBOE submit rule changes (19b-4) for new ETF listings, while issuers such as VanEck are in charge of drafting the prospectus (S-1). Fortunately, our ongoing prospectus remains active.
As an analyst, I’d like to emphasize that Sigel mentioned the company’s confidence in their funds is rooted in their view of Solana as a commodity similar to Bitcoin and Ethereum. VanEck, specifically, sees SOL as a commodity due to its decentralized infrastructure, utility, and economic function, much like Bitcoin and Ethereum.
The company’s perspective aligns with a shifting perspective among regulators regarding the cryptocurrency market. As per Sigel, various regulatory bodies and courts are recognizing that certain digital assets might exhibit characteristics of commodities in their secondary trading, yet act like securities during their initial issuance.
SOL Surpasses Most Network On VanEck Radar
Matthew Sigel points out that Solana’s decentralization has made significant strides within the past year. Currently, the leading 100 holders account for approximately 27% of the total SOL market supply – a substantial decrease compared to the previous year. Intriguingly, the top 10 addresses collectively possess less than 9% of the entire Solana supply.
In the networks that VanEck is focusing on, Sigel argues that Solana (SOL) has a Nakamoto Coefficient of 18. This indicates that Solana’s decentralization is strong, as currently more than 1,500 validators are operating in over 300 different data centers spread across 41 countries worldwide.
He noted that the future Firedancer client will significantly strengthen decentralization, making it impossible for any one entity to have control over the blockchain. So far, the company has demonstrated its commitment to this belief by emphasizing it to the appropriate authorities and their exchange partners.
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2024-08-21 01:42