A well-known institution has applied to the SEC for a Solana Spot ETF, which will become the first SOL exchange-traded fund in the United States.

Recently, a well-known asset management institution submitted a Solana trust application document to the U.S. Securities and Exchange Commission (SEC). This application involves an exchange-traded fund (ETF) that intends to issue common stock and plans to be listed on a certain exchange. The trust currently only accepts cash subscriptions and redemptions. It is noteworthy that this application means that the institution has officially submitted a Solana Spot ETF application to the SEC.

The head of digital asset research at the institution announced the news on social media, stating that this will be the first Solana ETF in the United States. He also shared the institution's view that SOL is a commodity.

The reason for institutions to choose Solana is mainly based on its positioning as a competitor to Ethereum. Solana is an open-source blockchain software that can handle various applications such as payments, transactions, gaming, and social interactions. It operates as a single global state machine without the need for sharding or layer-two networks. Solana's scalability, speed, and low-cost characteristics provide an excellent user experience for numerous use cases.

Solana can achieve thousands of transactions per second at extremely low costs and employs an advanced security mechanism that combines historical proof and proof of stake. These features make Solana a powerful and accessible blockchain platform. High throughput, low fees, strong security, and an active community atmosphere make Solana an ideal choice for ETFs, providing investors with a versatile and innovative open-source ecosystem.

Regarding the reasons why SOL is considered a commodity, the applying agency believes that SOL's functions are similar to those of other digital commodities such as Bitcoin and Ether. It is mainly used to pay transaction fees and computational services on the blockchain. Similar to Ether on the Ethereum network, SOL can be traded on digital asset platforms or used for peer-to-peer transactions.

The Solana ecosystem supports a wide range of applications and services, from decentralized finance (DeFi) to non-fungible tokens (NFT), highlighting the utility and value of SOL as a digital commodity. The operation and control of the Solana network are not influenced by any single intermediary or entity, reflecting the principle of decentralization. The infrastructure for transaction verification and record keeping is maintained by a diverse user group of numerous independent validators distributed globally, ensuring the system's non-monopolistic nature.

The decentralized nature, high practicality, and economic viability of SOL are consistent with the characteristics of other mature digital commodities. This further confirms that SOL may be a valuable commodity for investors, developers, and entrepreneurs seeking alternatives to mainstream app stores.