VanEck has filed for an ETF that tracks spot prices of solana with the US Securities and Exchange Commission.
VanEck Solana Trust ETF needs to be approved by the SEC. According to the filing the ETF will track solana’s performance and if it is approved, the ETF will be listed on Cboe BZX.
“The Trust provides direct exposure to SOL and the Shares of the Trust are valued on a daily basis using prices drawn from a carefully evaluated group of trading platforms selected by MarketVector, which utilizes the CCData Centralized Exchange Benchmark data to construct the MarketVectorTM Solana Benchmark Rate,” The filing stated.
There has been a claim made by the firm that there is a problem. “yet to be definitive regulatory guidance on whether and how registered broker-dealers can comply with these rules with regard to transacting in or holding spot SOL.”
VanEck signals that SOL can be considered a product, despite SEC’s designation of SOL as an unregistered investment in the lawsuits filed against Coinbase & Binance this summer.
In a post on X, Matthew Sigel — VanEck’s head of digital assets research — said that SOL operates like bitcoin and ether and is “utilized to pay for transaction fees and computational services on the blockchain. Like ether on the Ethereum network, SOL can be traded on digital asset platforms or used in peer-to-peer transactions.”
“SOL’s decentralized nature, high utility, and economic feasibility align with the characteristics of other established digital commodities, reinforcing our belief that SOL may be a valuable commodity with use cases for investors, builders, and entrepreneurs looking for alternatives to the duopoly app stores,” He continued.
VanEck has filed the first ETF in the United States linked to solana. 3iQ filed a bid in Canada last week in order to launch North America’s first Solana Exchange-Traded Product (ETP). If approved, the product will be listed on the Toronto Stock Exchange.
The 3iQ proposition “kicks off the formal conversations” Chris Matta, 3iQ Digital Assets’ president at the time, told Blockworks that he had discussed solana in Canada with Ontario Securities Commission.
3iQ would have a closed end product. This means that it would provide a set number of share. This is different from ETPs (such as spot bitcoin ETFs), which create shares and redeem them based on the market’s demand.
In the summer of this year, the SEC plans to approve formally the registration statement for proposed ether-based ETFs. SEC Chairman Gary Gensler, however, has expressed his doubts about crypto ETFs other than ETH and Bitcoin.
US bitcoin ETFs have been launched since January. These products collectively have $14.4 billion in net inflows. BlackRock’s iShares Bitcoin Trust, IBIT is leading the pack in terms of assets managed.
SOL’s stock is up by 8% after the news.
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