VanEck, one of the first ETF issuers (#ETF ) in the United States, has applied for a Solana ETF. (#Solana ).
Matthew Siegel, head of digital asset research at VanEck, took to the X platform on June 27 to announce that the company had filed an application for a Solana ETF with the US Securities and Exchange Commission (#SEC✅ ).
Siegel said the new fund, called the VanEck Solana Trust, aims to take advantage of the decentralized nature, high utility and economic viability. According to the CEO, the new fund is Solana's first exchange-traded fund in the United States.
In the post, Siegel offered some feedback on why the company believes Solana is a commodity. He wrote:
“We see the native token, (SOL), functioning similarly to other digital commodities, such as Bitcoin and Ethereum, as it is used to pay transaction fees and computational services on the blockchain. Similar to Ethereum on the Ethereum network, Solana can be traded on digital asset platforms or used to Peer-to-peer transactions.”
In its SEC application, VanEck wrote that the fund is expected to be listed on the Cboe BZX exchange, if approved by the SEC.
The Solana Fund aims to promote growth
The investment objective of the Solana Fund is to support the price performance of the Solana cryptocurrency. The filing stated that the trading fund will evaluate its shares daily using the MarketVector Solana Benchmark Rate, which is calculated based on prices provided by the trading platforms that MarketVector considers to be the top five Solana trading platforms, as determined by the Exchange Benchmark Review Report. Industry-leading Central CCData.
Solana's ETF filing comes shortly after the US Securities and Exchange Commission approved the launch of Ethereum ETFs (#ETH ) in the United States, on May 23, 2024. The approval ended long-running struggles over the status of the cryptocurrency, It gave it the green light to be a commodity instead of a security.