Key Takeaways:
- VanEck files for the first-ever Solana ETF in the U.S., named the VanEck Solana Trust.
- The ETF aims to mirror Solana’s price performance, leveraging its decentralized structure and utility.
- If approved by the SEC, it will be listed on the Cboe BZX Exchange.
VanEck, a pioneer in Bitcoin ETFs, has filed for the first-everSolana ETF in the U.S., named the VanEck Solana Trust.
This fund aims to leverage Solana’s decentralized structure, utility, and cost-effectiveness.
Looks like VanEck just filed for a Solana ETF h/t @btcNLNico pic.twitter.com/fB5luuS1uQ
— Eric Balchunas (@EricBalchunas) June 27, 2024
The ETF will be listed on the Cboe BZX Exchange if approved by the U.S. Securities and Exchange Commission (SEC).
Matthew Sigel, VanEck’s head of digital assets research, explained that SOL, Solana’s native token, functions similarly to digital commodities like Bitcoin and Ether, used for transaction fees and computational services on the blockchain.
I am excited to announce that VanEck just filed for the FIRST Solana exchange-traded fund (ETF) in the US.
— matthew sigel, recovering CFA (@matthew_sigel) June 27, 2024
Some thoughts on why we believe SOL is a commodity are below.
Why did we file for it?
A competitor to Ethereum, Solana is open-source blockchain software designed to… pic.twitter.com/XwwPy8BXV2
The trust aims to mirror Solana’s price performance, excluding operational expenses, using the MarketVector Solana Benchmark Rate index.
This filing follows the SEC’s approval of spot Ether ETFs in May 2024 and the conclusion of its investigation into Ether’s status as a security in June 2024.
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