Published on juni 28, 2024, 12:25 am
Image source: Fox News
```json [ "VanEck became the first company in the U.S. to file for a Solana ETF, marking a significant move in the cryptocurrency space.", "The proposed VanEck Solana Trust aims to leverage Solana's decentralized nature and economic feasibility.", "The trust plans to mirror SOL's price performance, with shares valued daily using the MarketVector Solana Benchmark Rate index.", "This move comes after the SEC approved Ether ETFs, signaling an acceptance and integration of digital assets into mainstream investments." ] ```
VanEck has made a significant move in the cryptocurrency space by becoming the first company in the United States to file for a Solana ETF. This marks a milestone in crypto history as VanEck, known for being among the pioneers of spot Bitcoin exchange-traded funds (ETFs) in the U.S., ventures into the realm of Solana.
Matthew Sigel, VanEck’s head of digital assets research, shared the news on June 27 that the firm has submitted an application for a Solana (SOL) ETF with the U.S. Securities and Exchange Commission. The proposed fund, named the VanEck Solana Trust, aims to leverage Solana’s decentralized nature, high utility, and economic feasibility.
In his announcement, Sigel explained why VanEck views SOL as a commodity and detailed that if approved by the SEC, the VanEck Solana Trust is expected to be listed on the Cboe BZX Exchange.
The investment objective of the VanEck Solana Trust is to mirror the performance of the price of Solana cryptocurrency while excluding operational expenses. The trust intends to value its shares daily using the MarketVector Solana Benchmark Rate index derived from prices provided by select top SOL trading platforms.
This development follows closely after the SEC’s approval of Ether (ETH) ETFs in May 2024 which clarified ETH’s status as a commodity rather than a security. In light of this approval, an investigation into Ether’s security status was reportedly ceased on June 19.
As regulatory landscapes evolve and more traditional financial institutions embrace cryptocurrencies like Solana and Ethereum through ETFs, it signifies a growing acceptance and integration of digital assets into mainstream investment portfolios.
Original article posted by Fox News
