VanEck, a pioneer in launching Bitcoin spot exchange-traded funds (ETFs) in the United States, has made a new move by filing for a Solana ETF. Matthew Sigel, head of digital assets research at VanEck, disclosed this development on June 27. According to Sigel, the firm has submitted a filing with the U.S. Securities and Exchange Commission (SEC) for an ETF focused on Solana (SOL). This new fund, named the VanEck Solana Trust, aims to leverage Solana’s decentralized architecture, significant utility, and economic viability. Sigel highlighted that this marks the first filing for a Solana ETF in the United States.
Source: Nate Geraci
In his announcement, Sigel outlined the rationale behind VanEck’s classification of SOL as a commodity. He explained that the filing specifies the intention for the VanEck Solana Trust to potentially list on the Cboe BZX Exchange once approved by the SEC.
Investment Objective of Solana Trust
The VanEck Solana Trust aims to mirror the performance of the Solana cryptocurrency’s price, net of the trust’s operational expenses. As detailed in the filing, the trust will compute the daily value of its shares using the MarketVector Solana Benchmark Rate index. This index derives from prices sourced from leading SOL trading platforms identified in the CCData Centralized Exchange Benchmark review report.
Related Developments
VanEck’s submission of a Solana ETF filing closely follows the SEC’s authorization of spot Ether (ETH) ETFs in the United States on May 23, 2024. This approval resolved long-standing debates over the regulatory classification of ETH, confirming its status as a commodity rather than a security. Subsequently, on June 19, reports indicated that the SEC had ceased its investigation into whether Ether qualifies as a security.
Magazine: As phishing attempts targeting Ethereum grow more sophisticated, malicious actors are shifting focus to TON and Bitcoin.