VanEck’s head of research, Matthew Siegel, believes that the approval of an Ethereum spot ETF will lead to a Solana ETF.
VanEck filed for the first Solana (SOL) ETF in the US, sparking renewed interest in the Solana versus Ethereum debate.
Siegel suggests that similar surveillance sharing agreements for Solana, as seen with Bitcoin and Ethereum spot ETFs, could help get a SOL ETF approved.
He also points out that some commodity-based ETFs exist without a futures market, suggesting this could support a Solana ETF.
VanEck’s filing for a Solana ETF is the second pioneering move by the asset manager, following its first Ethereum spot ETF filing with the SEC in 2021.
The products are expected to launch in early July, with VanEck waiving fees until 2025 pre-approval. Six days before filing, 31Q filed for a similar product in Canada, potentially bringing the first Solana exchange-traded product (ETP) to North America.
Siegel’s announcement reignited the ongoing debate between Solana and Ethereum, with some investors questioning the comparison of Solana’s decentralization to Ethereum’s.
Solana co-founder Anatoly Yakovenko dismissed the idea that Solana aims to replace Ethereum, arguing that both technologies could coexist and compete in overlapping areas.
He expressed optimism about the potential for both networks to succeed, especially with advancements like Ethereum’s Danksharding, which could handle Solana’s data needs.
