VanEck Files for First Solana ETF in the U.S., Aiming to Leverage SOL’s Utility and Decentralization

VanEck, one of the initial issuers of spot Bitcoin exchange-traded funds (ETFs) in the United States, has filed for a new Solana ETF.

Matthew Sigel, VanEck’s head of digital assets research, announced on X on June 27 that the firm has submitted an application for a Solana ETF with the U.S. Securities and Exchange Commission (SEC).

The new fund, named the VanEck Solana Trust, is designed to leverage Solana’s decentralized characteristics, high utility, and economic feasibility, according to Sigel.

He noted that this is the first filing for a Solana ETF in the United States.

In his post, Sigel explained why the company views SOL as a commodity, writing: “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.”

READ MORE: DFX Labs Nears Full Operational License in Hong Kong Amid Regulatory Push for Global Crypto Startups

VanEck’s SEC filing indicates that the VanEck Solana Trust is expected to be listed on the Cboe BZX Exchange, pending SEC approval.

The investment goal of the VanEck Solana Trust is to mirror the performance of Solana’s cryptocurrency price, excluding the trust’s operational expenses.

The filing specifies that the trust will use the MarketVector Solana Benchmark Rate index for daily share valuation.

This index is based on prices from the top five SOL trading platforms, as identified by the CCData Centralized Exchange Benchmark review report.

VanEck’s Solana ETF filing follows the U.S. SEC’s approval of spot Ether ETFs on May 23, 2024.

This approval resolved longstanding debates about the classification of ETH, affirming it as a commodity rather than a security.

Subsequently, the SEC reportedly halted an investigation into whether Ether is a security on June 19.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.