VanEck lists a unique risk in its Solana ETF filing: concentrated ownership of SOL tokens

VanEck has highlighted a specific risk in its Solana spot ETF application that has not been seen in other ETF applications, namely the concentration of ownership of SOL tokens. According to VanEck's filing, as of the end of November last year, the largest 100 wallets containing SOL tokens held approximately one-third of the circulating supply of SOL. The filing emphasizes that "due to the concentration of this ownership, a large sale or distribution by such holders may have an adverse impact on the market price." Due to the less widespread distribution of SOL tokens compared to Bitcoin and Ethereum, this concentration of ownership may become an obstacle to the approval of the VanEck Solana ETF.