Spot Solana ETF Still On Track: VanEck’s Head Of Research Reaffirms Fund’s Prospectus, Here’s Why

Amid regulatory hurdles surrounding Spot Solana Exchange-Traded Funds (ETFs), Matthew Sigel, the head of research at popular asset management company VanEck, has confirmed the firm’s prospectus for the products is still active, demonstrating its stark confidence in the fund’s inception into the United States market in the foreseeable future.

VanEck’s Head Expresses Firm’s Commitment Toward Spot Solana ETFs

Last week, reports disclosed that the VanEck and 21Shares Solana spot ETF 19b-4 forms are no longer available on the  Chicago Board Options Exchange (CBOE) website. This update triggered a wave of speculation within the community as several enthusiasts questioned if VanEck had withdrawn its application for the funds with the US Securities and Exchange Commission (SEC).

However, Matthew Sigel, VanEck’s top researcher, has responded to the development, reassuring the SOL community that the company’s fund’s filing is still live in spite of the CBOE removal believed to have been caused by the US SEC. Sigel’s comment shows the firm’s commitment to launching the spot SOL ETF, even though the withdrawal of the CBOE 19b-4 file may have caused a delay in the process.

He stated:

Some have noticed that the 19b-4 for the VanEck Solana spot ETF has been removed from the CBOE website. Remember that Exchanges like Nasdaq and CBOE file rule changes (19b-4) to list new ETFs. Issuers like VanEck are responsible for the prospectus (S-1). Ours remains in play.

Furthermore, Sigel highlighted that the company is confident about the funds since it considers Solana to be a commodity just as much as the two leading cryptocurrency assets, Bitcoin and Ethereum. VanEck considers SOL a commodity like Bitcoin and Ethereum due to its decentralized infrastructure, utility, and economic role. 

The firm’s view is also supported by changing legal viewpoints in the regulatory landscape. According to Sigel, several regulators and courts have already started to acknowledge that some cryptocurrency assets may behave more like commodities in secondary markets but behave like securities in primary markets.

SOL Surpasses Most Network On VanEck Radar

Matthew Sigel claims that the decentralization of Solana has advanced significantly over the last year, and the top 100 holders currently own a huge portion of SOL’s entire market supply at 27%, a notable drop from the previous year. Meanwhile, the top 10 addresses control less than 9% of the supply.

Related Reading: Spot Solana ETFs Likely To Gain Approval In The US By End Of 2024 – Expert Projects

Dominating most networks on VanEck‘s radar, Sigel contends Solana has a Nakamoto Coefficient 18. This means that SOL’s decentralization is high, with over 1,500 validators now running in over 300 different data centers across 41 countries. 

“The upcoming Firedancer client will further bolster decentralization, ensuring no single entity can dominate the blockchain,” he added. Thus far, the firm has underlined its dedication to upholding this viewpoint to the relevant authorities with its exchange partners.

Featured image from Adobe Stock, chart from Tradingview.com