In its filing for the Solana Spot ETF application, VanEck singled out a specific risk not seen in other ETF applications, namely centralized ownership of SOL tokens. According to VanEck's filing, at the end of November last year, the largest 100 wallets containing SOL tokens held about one-third of the SOL in circulation. "Because of this concentration of ownership, a substantial sale or distribution by such holders could have an adverse effect on market prices," the filing emphasized. Since SOL tokens are not as widely distributed as Bitcoin and Ethereum, this situation of centralized ownership could be a barrier to approval of the VanEck Solana ETF.