The VanEck Solana ETF application document contains a unique risk: the concentrated ownership of SOL tokens

ChainCatcher news, according to DL News, VanEck pointed out a specific risk in its Solana spot ETF application that is not seen in other ETF applications, namely the concentrated ownership of SOL tokens.

According to VanEck's document, as of the end of November last year, the top 100 wallets containing SOL tokens held about one-third of circulating SOL. The document emphasizes: "Due to this concentration of ownership, large sales or distributions by such holders may adversely affect market prices." Because the distribution of SOL tokens is not as widespread as Bitcoin and Ethereum, this situation of concentrated ownership could become an obstacle for VanEck's Solana ETF approval.

In addition, VanEck also listed many risks in its Solana ETF application that are similar to those in its Ethereum ETF application.