VanEck files for spot Solana-ETF with SEC, sending Solana's price soaring over 7.1%.

VanEck has taken a significant step by filing an application with the U.S. Securities and Exchange Commission (SEC) to register a spot in Solana-ETF. The company submitted a Form S-1, aiming to establish the VanEck Solana Trust exchange-traded fund, which will invest directly in Solana (SOL) rather than derivative contracts.

This potential ETF will be listed on the Cboe BZX exchange, with Delaware Trust Company serving as the custodian. However, specific details such as the fund's ticker symbol and management fee have not been disclosed in the filing.

The application emphasizes that the ETF issuer will not engage in Solana staking or any related activities. This distinction is crucial to avoid regulatory complications that might arise from staking activities.

Following the news of the filing, Solana's price experienced a notable surge, jumping over 7% on the daily chart. As of the latest data from TradingView, Solana is trading at $147.

Experts have previously suggested that Solana funds have a higher likelihood of gaining SEC approval, especially following the introduction of Ethereum-based products. Nonetheless, it's worth noting that the Solana project has been under investigation, which could impact the SEC's decision.

In related news, Canadian investment firm 3iQ has also applied to launch a spot Solana-ETF, indicating a growing interest in Solana-based investment products. $SOL

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