"We believe the native token, SOL, functions similarly to other digital commodities such as bitcoin and ETH," VanEck's head of digital assets research, Matthew Sigel, wrote in a post on X arguing that SOL is a commodity, not a security. "It is utilized to pay for transaction fees and computational services on the blockchain," he wrote.

https://www.coindesk.com/business/2024/06/27/vaneck-files-for-solana-etf-sol-rises-6/