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

According to ChainCatcher news, VanEck specifically pointed out a particular risk in its submitted Solana spot ETF application that was not seen in other ETF applications, namely the concentrated ownership of SOL tokens.

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

Additionally, VanEck listed many of the same risks in its Solana ETF application that were included in its Ethereum ETF application.