Key Points:
VanEck has submitted a proposal to the SEC for the first U.S. ETF linked to Solana's spot price.
VanEck's Matthew Sigel likened Solana to Bitcoin and Ether, justifying its status as a commodity.
SEC approvals for Bitcoin and expected Ether ETFs have driven proposed VanEck spot Solana ETF.
VanEck, an investment management firm, has filed to list the first U.S. exchange-traded fund (ETF) tied to the spot price of Solana, marking a significant expansion in the crypto ETF market.
VanEck Spot Solana ETF Proposed S-1 Form
On Thursday, the company submitted an S-1 form to the Securities and Exchange Commission (SEC) for the VanEck spot Solana ETF (VanEck Solana Trust). The move comes months after regulatory approval for a similar Bitcoin product.
Matthew Sigel, VanEck's Head of Digital Asset Research, announced the filing on social media, emphasizing the firm's emerging role in the U.S. crypto ETF space. Sigel explained why VanEck considers Solana as a commodity, noting that its native token, SOL, functions similarly to Bitcoin and Ether. SOL is used to pay transaction fees and computational services on the blockchain, and it can be traded on digital asset platforms or used in peer-to-peer transactions.
SEC Approvals Drive Expansion in Crypto ETFs
The SEC's recent approval of spot Bitcoin ETFs and the anticipated green light for Ether ETFs have encouraged asset managers to explore additional crypto assets. Sigel highlights Solana's high throughput, low fees, strong security, and vibrant community as factors making it a compelling candidate for an ETF. He described Solana as a "versatile and innovative" open-source ecosystem, offering investors indirect exposure to the cryptocurrency without the need to hold it directly.
ETFs have attracted significant interest from traditional finance giants, including BlackRock, which operates the largest spot Bitcoin ETF. VanEck spot Solana ETF is expected to trade on the Cboe BZX Exchange, although the firm has not yet disclosed the associated fees.
The SEC has also recently approved VanEck's spot Ether ETF, further solidifying the firm's presence in the crypto ETF market. Bloomberg's ETF expert Eric Balchunas predicts that Ether ETFs could launch as soon as July 2.
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