Bitcoin ETF issuer VanEck has reportedly filed an application for a Solana ETF in the United States.
As noted by VanEck’s head of digital assets research, it is the first firm in the US to file for a Solana ETF. VanEck, which is notably one of the first issuers of spot Bitcoin ETFs in the US, has filed for a new Solana ETF.
WRONG.
The S-1 is the initial registration statement filed with the SEC for the issuance of new securities, including ETFs. It provides detailed information about the fund, including its investment strategy and risks.
Form 19b-4 is typically filed after the S-1 has been… https://t.co/W6aRZByh8b— matthew sigel, recovering CFA (@matthew_sigel) June 27, 2024
Matthew Sigel, head of digital assets research at VanEck, confirmed via social media the firm has filed for a Solana ETF with the US Securities and Exchange Commission (SEC).
The fund, referred to as the VanEck Solana Trust, will focus on taking advantage of Solana’s (SOL) decentralized ecosystem, utility and overall feasibility, Sigel explained.
According to Sigel, the trust is the first filing for a Solana ETF in the US.
Sigel shared:
“We believe the native token, SOL, functions similarly to other digital commodities such as Bitcoin and Ether. It is utilized to pay for transaction fees and computational services on the blockchain. Like ether on the Ethereum network, SOL can be traded on digital asset platforms or used in peer-to-peer transactions.”
As stated in the filing, VanEck explained that the VanEck Solana Trust is set to be listed on the Cboe BZX Exchange, if it gets approved by the SEC.
The VanEck Solana Trust’s investment goal or aim is to reflect the price / performance of the Solana crypto token, minus the cost of operations of the trust.
The filing adds that the trust may value its shares on a daily basis using the MarketVector Solana Benchmark Rate index. This index is computed based on prices quoted by trading services which MarketVector considers the leading SOL trading platforms, as assessed by CCData Centralized Exchange
Benchmark review report.
VanEck’s Solana ETF filing has been announced after the SEC greenlighted the launch of spot Ether ETFs in the U.S. on May 23, 2024.
The approval seems to have concluded arguments regarding whether ETH
is a security. ETH may now be considered a commodity but more regulatory clarity is needed.
Notably, the SEC has ended an investigation into if Ether is a security (as reported on on June 19).
