Wall Street Shocked by Rare Surge of Nearly 10 Ethereum Killer Surges to 150

CoinDesk report:
On Friday, June 28, the American blue-chip public chain Solana, known as the “Ethereum killer,” saw its token SOL surge nearly 10%, briefly breaking through the $150 mark. Wall Street asset management giant VanEck has submitted a Solana ETF application to the U.S. Securities and Exchange Commission, issuing common stock with equity rights.
With the SEC’s approval of the 19B-4 filing for the Ethereum spot ETF earlier this year, it is widely expected in the market that the regulatory agency will approve the S-1 filing for the Ethereum spot ETF on July 4, allowing the fund to officially begin trading. The market is eagerly anticipating which altcoin will be the next to launch an ETF.
On Thursday, VanEck submitted an application for the Solana ETF (VANECK SOLANA TRUST) to the U.S. Securities and Exchange Commission. It is understood that the VanEck Solana TRUST will be an ETF issuing common stock with equity rights, and is expected to be listed for trading on the CBOE BZX Exchange, pending issuance notice.
Furthermore, the application file states that the trust, sponsor, SOL token custodian, or any other party related to the trust, will not directly or indirectly take any action to use the trust’s SOL for staking to earn rewards, or engage in activities to generate other income, and currently only cash subscriptions and redemptions are supported.
In other words, the ETF will not currently support staking.
Matthew Sigel, Head of Digital Assets Research at VanEck, tweeted, “I’m excited to announce that VanEck has just applied for the first Solana ETF in the United States. Here’s our view on why SOL is a commodity.”
“Why are we applying for it? As a competitor to Ethereum, Solana is an open-source blockchain software designed to handle various applications, including payments, transactions, games, and social interactions. Running as a single global state machine, the Solana blockchain operates without sharding or layer-two solutions, and its unique combination of scalability, speed, and low cost may provide a better user experience for many use cases.”
“By processing thousands of transactions per second at the lowest cost and adopting advanced security mechanisms that combine historical proof and equity proof, we believe Solana stands out as a powerful and accessible blockchain software. We believe that the combination of high throughput, low cost, robust security, and a strong community makes Solana an attractive choice for exchange-traded funds, providing investors with the opportunity to access a multifunctional and innovative open-source ecosystem.”
“Why do we consider SOL to be a commodity like Bitcoin, Ethereum, and others? We believe the native token SOL functions similarly to other digital commodities such as Bitcoin and Ether. It is used to pay for transactions and computational services on the blockchain. Like Ether on the Ethereum network, SOL can be traded on digital asset platforms or used for peer-to-peer transactions.”
“The wide range of applications and services supported by the Solana ecosystem, from decentralized finance (DeFi) to non-fungible tokens (NFTs), highlights the practicality and value of SOL as a digital commodity. The Solana network is not operated or controlled by a single intermediary or entity, a principle known as decentralization.”
“The infrastructure for transaction verification and record keeping is maintained by a diverse user base, including numerous independent validators distributed globally. These validators are responsible for processing transactions and protecting the network, ensuring that no single entity can monopolize the system. The decentralized nature, high utility, and economic viability of SOL align with the characteristics of other established digital commodities, strengthening our belief in SOL as a valuable commodity and providing use cases for investors, builders, and entrepreneurs seeking alternatives to the duopoly application stores.”
The launch of the Solana ETF will be a seismic event, as after the precedent set by Ethereum and Solana, the market will expect more altcoins to enter the traditional Wall Street market. This can be seen as a milestone action.
After the news broke, the SOL token surged nearly 10%, briefly breaking through the $150 mark.