VanEck, a pioneer in launching spot Bitcoin exchange-traded funds (ETFs) in the United States, has recently filed for a new Solana ETF. On June 27, Matthew Sigel, head of digital assets research at VanEck, announced on X that the firm has submitted a filing for a Solana (SOL) ETF with the U.S. Securities and Exchange Commission (SEC).
The new fund, named the VanEck Solana Trust, seeks to leverage Solana’s decentralized structure, high utility, and cost-effectiveness, according to Sigel. He noted that this is the first filing for a Solana ETF in the United States.
Source: Nate Geraci
In his post, Sigel shared insights on why VanEck considers SOL a commodity. The SEC filing specifies that the VanEck Solana Trust plans to list on the Cboe BZX Exchange, pending SEC approval.
The primary goal of the VanEck Solana Trust is to mirror the price performance of Solana cryptocurrency, excluding operational expenses. The trust will daily assess its shares’ value using the MarketVector Solana Benchmark Rate index, which derives its calculations from prices on the top five SOL trading platforms, as identified by the industry-leading CCData Centralized Exchange Benchmark review report.
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VanEck’s Solana ETF filing follows the SEC’s approval of spot Ether (ETH) ETFs in the U.S. on May 23, 2024. This approval resolved long-standing debates about ETH’s status, confirming it as a commodity rather than a security. Subsequently, on June 19, the SEC reportedly ceased its investigation into whether Ether qualifies as a security.
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