VanEck, a pioneering issuer of Bitcoin exchange-traded funds (ETFs) in the United States, has submitted a filing for a fresh Solana ETF. Matthew Sigel, the head of digital assets research at VanEck, shared on June 27 that the company has lodged an application for a Solana (SOL) ETF with the U.S. Securities and Exchange Commission. The new investment vehicle, known as the VanEck Solana Trust, seeks to leverage the decentralized nature, high functionality, and economic viability of Solana, as stated by Sigel. This trust marks the inaugural filing for a Solana ETF in the United States.
In a post, Sigel outlined the reasons why the firm views SOL as a commodity. As per the SEC filing by VanEck, the VanEck Solana Trust is anticipated to be listed on the Cboe BZX Exchange upon SEC approval. The investment aim of the VanEck Solana Trust is to mirror the price performance of the Solana cryptocurrency, net of trust operational expenses. The filing mentions that the trust will assess its shares daily utilizing the MarketVector Solana Benchmark Rate index. This index derives its calculations from prices sourced from trading platforms designated as the top five SOL trading platforms by the CCData Centralized Exchange Benchmark review report, a leader in the industry.
Following the green light given by the U.S. SEC for the introduction of spot Ether (ETH) ETFs in the U.S. on May 23, 2024, VanEck’s Solana ETF filing emerges. This approval settled long-standing debates regarding the classification of ETH cryptocurrency, affirming it as a commodity rather than a security. Consequently, the SEC reportedly ceased an inquiry into whether Ether qualifies as a security on June 19.
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