Solana ETF on the horizon as VanEck, a prominent Bitcoin ETF issuer, files in the US

Solana ETF- VanEck, known for its Bitcoin ETFs, has submitted an application for a Solana ETF in the US

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

On June 27, Matthew Sigel, head of digital assets research at VanEck, announced on X (formerly Twitter) that the firm had submitted a filing with the U.S. Securities and Exchange Commission (SEC) for a Solana ETF.

The proposed fund, named the VanEck Solana Trust, aims to leverage Solana’s decentralized nature, high utility, and economic feasibility. Sigel highlighted that this trust marks the first filing for a Solana ETF in the United States. According to the SEC filing, the VanEck Solana Trust is intended to be listed on the Cboe BZX Exchange, pending SEC approval.

Solana Trust targets expansion

The VanEck Solana Trust aims to track the price performance of the Solana cryptocurrency, net of trust expenses. According to the filing, the trust will calculate its daily share value using the MarketVector Solana Benchmark Rate index, which derives from prices reported by the top five SOL trading platforms identified by the CCData Centralized Exchange Benchmark review report.

VanEck’s filing for a Solana follows the SEC’s recent approval of spot Ether ETFs in the U.S. on May 23, 2024. This approval settled longstanding debates over Ether’s classification, confirming it as a commodity rather than a security. Following this milestone, the SEC reportedly ceased its investigation into whether Ether should be classified as a security on June 19.

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