SOL spikes 6% following VanEck's spot Solana ETF filing

Solana's price surged following a new exchange-traded fund filing from the asset manager VanEck.

Solana rose from $139.10 to about $148 just minutes after the filing dropped, marking an immediate 6.47% spike. The token gained 8.45% over the past 24 hours as well, according to The Block's solana price page . Solana's market capitalization was $68 billion as of publication time. 

On Thursday morning, VanEck filed an S-1 form with the Securities and Exchange Commission for the VanEck Solana Trust. Upon announcing the submission, VanEck Head of Digital Asset Research Matthew Sigel explained the firm's reasoning for the filing and why Solana is a commodity. 

"We believe the native token, SOL, functions similarly to other digital commodities such as Bitcoin and ETH," Sigel wrote on the social media platform X. "It is utilized to pay for transaction fees and computational services on the blockchain. Like ether on the Ethereum network, SOL can be traded on digital asset platforms or used in peer-to-peer transactions."

The SEC approved VanEck's spot ether ETF to be listed on stock exchanges on May 23, but the fund still awaits approval. The same agency greenlit VanEck's spot bitcoin ETF HODL on Jan. 10 along with ten other funds , The Block previously reported. 

The Block reached out to a VanEck representative for comment.