VanEck, one of the first companies to issue a Bitcoin exchange-traded fund (ETF) in the United States, has applied for the new Solana ETF.
VanEck’s head of digital asset research, Matthew Siegel, announced on June 27 at
Siegel said the new fund, called the VanEck Solana Trust, aims to leverage Solana’s decentralized nature, high utility and economic feasibility. According to executives, the trust is the first to apply for a Solana ETF in the United States.
In the post, Sigel offered some explanation as to why the company believes SOL is a necessity. He wrote:
“We believe that our native token, SOL, functions similarly to other digital commodities such as Bitcoin and Ether. It is used to pay for transaction fees and accounting services on the blockchain. Like Ether on the Ethereum network, SOL can be traded on digital asset platforms or used for peer-to-peer transactions.”
VanEck stated in a filing with the SEC that it expects the VanEck Solana Trust to be listed on the Cboe BZX exchange, pending SEC approval.
Solana Trust aims for growth
The investment objective of the VanEck Solana Trust is to reflect the price performance of the Solana cryptocurrency, net of trust operating expenses.
The report states that the Trust evaluates stocks daily using the MarketVector Solana Benchmark Rate Index, which is calculated based on prices provided by trading platforms that MarketVector considers to be the top five SOL trading platforms as determined by the industry-leading CCData Centralized Exchange Benchmark Review Report.
Related: Ethereum Could Fall 30% After Spot ETH ETF Launches — Crypto VC
VanEck’s Solana ETF filing comes shortly after the US SEC approved the launch of a spot Ether (ETH) ETF in the US on May 23, 2024. This approval puts an end to a long debate over the status of the ETH cryptocurrency and approves it as a non-ETH commodity. stock.
The SEC subsequently reportedly discontinued its investigation into whether Ethereum was a security on June 19.
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