Bitcoin ETF issuer VanEck files for Solana ETF in the US
VanEick, one of the first issuers of spot Bitcoin exchange-traded funds (ETFs) in the United States, has made a new request for the Solana ETF.
Matthew Siegel, head of digital assets research at VanEck, took to X on June 27 to announce that the company has filed for the Solana ( SOL ) ETF with the US Securities and Exchange Commission.
The new fund, called the VanEick Solana Trust, aims to take advantage of Solana's decentralized nature, high leverage and economic viability, Siegel said. According to the executive, the trust is the first filing for a Solana ETF in the United States.
In the post, Siegel makes a few comments about why the company believes SOL is a commodity. wrote:
“We believe the native token SOL will work similarly to other digital commodities such as Bitcoin and Ether. It will be used to pay transaction fees and computing services on the blockchain. Like Ether on the Ethereum network, SOL can be traded on digital asset platforms or sold in peer-to-peer transactions.”
In an SEC filing, VanEck said it expects to list the VanEck Solana Trust on the Cboe BZX exchange if approved by the SEC.
Solana Trust aims to grow.
The VanEck Solana Trust's investment objective is to reflect the price performance of the Solana cryptocurrency, excluding the costs of the trust's operations.
The filing states that the reference values the stocks daily using the Market Vector Solana benchmark rate index. This index is calculated based on the prices provided by the trading platforms MarketVector's five major SOL trading platforms, as determined by the industry leader CCData's Central Exchange Benchmark Evaluation Report.
Related: Ethereum Could Fall 30% After ETH ETFs Launch – Crypto VC
VanEck's Solana ETF filings with the US SEC in On May 23, 2024, Spot Ether (ETH) ETF will be launched in the US soon after. The approval ended a long-running debate about the status of the ETH cryptocurrency, greenlighting it as a commodity rather than a commodity. A security.
The SEC then reportedly dropped its investigation into Ether's security on June 19.
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