VanEck has filed for the first U.S. Solana ETF, claiming that SOL is a commodity like BTC and ETH. This filing follows the SEC approving spot BTC and ETH ETFs, aiming to track Solana's price through the VanEck Solana Trust on the Cboe BZX Exchange.
The U.S. SEC has rejected Cboe BZX's filings for two Solana ETFs, following the SEC's stance that Solana qualifies as a security. Despite the setback, the issuers, 21Shares and VanEck, remain active on the SEC's filing system and may consider refiling with revisions arguing that Solana is not a security.